I t began in 2013 as a grand scheme that was going to transform the world. It was going to be bigger and more generous than America’s Marshall Plan, which helped rebuild Europe after World War II. China was going to build roads, railways, bridges, airports and ports across the globe.
Ten years later, however, Chinese president Xi Jinping recast the BRI as ‘small and beautiful’—and said that the emphasis should be on smaller and less costly sectors such as energy and technology. Now, it is becoming increasingly obvious that Xi’s Belt and Road Initiative (BRI) has become a financial disaster not only for the countries that have received Chinese loans which they cannot repay—money from Beijing means loans, not straightforward aid—but for China as well..
