12/9/2023 0 Comments China xi open slik road![]() Between 20, China says it will invest $36 billion in energy connectivity projects and about $41 billion in mineral and petroleum projects to be realized in Central Asia. The China Pakistan Economic Corridor, for instance, reduces the distance between China and the Middle East from 12,900 kilometers by insecure sea lanes to a shorter and more secure distance of 3,000 kilometers by land. China’s two main overseas development banks invested $23 billion in infrastructure projects in Africa between 20 – $8 billion more than the other top eight lenders combined (including the World Bank, African Development Bank and the United States International Development Finance Corporation as well as European development banks).Ĭhina has long considered overland access and land routes to resources to be more secure than seaborne imports. It resulted in a closer political alignment between China and African countries. Loans from China to African countries ($126 billion) surpassed its foreign direct investments ($41 billion) between 20. By mid-2017, more than 10,000 Chinese-owned companies already operated in Africa. By 2016, China was the largest exporter to Africa, accounting for 17.5 percent of Africa’s imports. In recent years, China’s BRI has increasingly invested in the Middle East, the Persian Gulf and Africa. Other economic forecasts predict more than 2,600 projects worldwide valued at $3.7 trillion. By 2027, total global BRI spending could reach $1.3 trillion. The BRI was created in response to China’s industrial overcapacity, low domestic demand, stagnating exports abroad and the need to increase connectivity with developing economies for expanding to new foreign markets. They will shape economics and geopolitics for decades to come with wide-ranging implications for international security. At the same time, the BRI has also expanded its ambitions with the introduction of a Digital Silk Road, a Polar Silk Road (for developing arctic shipping routes and offshore arctic fossil fuel production and mineral mining), a Health Silk Road and a 5G-based Internet-of-Things (IoT) project. The geographical scale has expanded to more than 140 countries, including in Africa, the Middle East, South Asia and Latin America. ![]() With its Maritime Silk Road, China’s Belt and Road Initiative has moved far beyond Eurasia and its original aims of creating a New Silk Road project. ![]() Competition with the West will likely intensify.Investment may dip as China retools its approach.China’s Belt and Road Initiative will remain expansive. ![]()
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