21/02/2024
The third Belt and Road Forum, marking the tenth anniversary of the Belt and Road Initiative (BRI), took place in China on October 17th and 18th 2023. While Russian President Vladimir Putin attended, the number of world leaders decreased from 36 in 2019 to 24. Consequently, the 3rd Plenary Session to decide economic policy couldn’t be held and specific goals couldn’t be set. Putin’s presence, amidst his involvement in the conflict in Ukraine drew criticism especially from Western nations. Nonetheless, Chinese President Xi Jinping highlighted the significant benefits the BRI has brought to China over the past decade.
Initially positioned as a vehicle for a new paradigm of international relations under the Xi Jinping administration, the BRI has fostered robust economic ties between nations worldwide, reducing China’s reliance on other countries and elevating it to a pivotal role as the primary trading partner for many nations.
Secondly, China emerged as a crucial financier of infrastructure development in “underdeveloped” countries, filling a void left by traditional sources of funding post-Global Financial Crisis. While concerns about the “debt trap” persist, alternatives to Chinese investment remain elusive for many other “underdeveloped” nations.
Thirdly, beyond its economic scope, the BRI holds political and security implications, exemplified by infrastructure projects like pipelines and port acquisitions, enhancing China’s energy security and military presence. Moreover, the initiative bolsters connectivity across Eurasia, bolstering resilience against maritime economic blockades and preparing nations to navigate emergencies in regions like the East China Sea and South China Sea.
How might the evolving dynamics of the BRI impact the geopolitical balance in regions like the East China Sea and South China Sea, and what measures should regional stakeholders take to safeguard their interests amidst these developments?
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