In theory, the Belt and Road Initiative could be beneficial for all parties involved if it is executed correctly. However, I think that the way China is currently going about the project is disastrous and will have long term negative effects on participants. I have always thought that the Belt and Road Initiative was imperialism in nature, and this article has solidified that idea for me. Construction and planning for the network has already put countries in debt to China (some are even already requesting debt relief), and it will surely put more countries in debt as the initiative progresses. By putting these countries in debt, China has a financial hold over them, most of the money that these countries make from the initiative will be going towards repaying that debt instead of actually being profitable. Essentially, these developing areas will become financially dependent on China, which destabilizes their sovereignty.
Without a doubt, the Belt and Road Initiative will benefit China, and that is primarily the reason they are pursuing it. As stated in the article, China aims to increase the amount of foreign loans they distribute, international projects, and domestically scarce resources through the Belt and Road initiative. All of their motives for this undertaking are self-serving. China is going to act in the best interest of themselves which could be disastrous for these minority countries who do not necessarily have the resources to support themselves under these conditions. The Wallstreet Journal mentions how China has been managing some Belt and Road related construction projects abroad, including building a highway in Montenegro. It is true that a vast majority of the countries involved in the Belt and Road initiative need to advance their infrastructure, but I believe that countries should be given the means to do this themselves on their own accord instead of being indebted to a powerful country. The Belt and Road initiative reminds me of gentrification, and I do think that weaker countries will eventually lose their cultural identity if they allow their country’s survival to be dependent on China.
I understand that countries borrowed money from China, but I wonder how China has the funds and supplies to facilitate an international project of this magnitude. I also want to look more into the “contracts” that these countries have with China. What are the conditions of their loans and are they obliged to China in some other way? I think the United States and other able-bodied countries should push back on the Belt and Road initiative as much as possible until participating countries can reach a global consensus on how this project should be carried out that benefits everyone involved.