The Reality of China’s Belt and Road Initiative: Failing, Faltering, Retreating
By Antonio Graceffo
2/8/2025 Updated: 2/8/2025
Commentary
Originally envisioned as Chinese leader Xi Jinping’s flagship project for global influence, the Belt and Road Initiative (BRI) is losing momentum due to project delays, cancellations, and a growing number of unfinished projects.
In late 2024, Brazil became the latest major economy to reject the BRI, also known as “One Belt, One Road,” following India and Italy in distancing itself from Xi’s flagship global infrastructure project. While President Luiz Inacio Lula da Silva has not cut ties with Beijing, he has decided that Brazil would be better off maintaining bilateral engagement rather than formally joining the BRI. His decision reflects growing skepticism about the initiative’s long-term benefits.
The BRI launched with great fanfare in 2013, eventually drawing 150 countries into its fold. However, a broader backlash has since developed due to unmet promises, financial entanglements, accusations of debt-trap diplomacy, and China’s expanding geopolitical influence. As a result, multiple nations are reevaluating their participation. With two of the largest BRICS economies, India and Brazil, opting out, the Belt and Road’s global credibility is eroding, dealing yet another blow to the ambitions of the Chinese Communist Party (CCP) in reshaping global trade through infrastructure diplomacy.
Far from being a global game-changer, the BRI has been defined by delays, inefficiencies, and failures. The China-Pakistan Economic Corridor (CPEC), originally meant to be the crown jewel of the BRI, exemplifies these issues, with Gwadar Port remaining non-functional due to poor planning, corruption, and insurgent attacks.
Meanwhile, key infrastructure projects like the Karachi–Lahore Motorway and the ML-1 railway modernization from Karachi to Peshawar remain unfinished or stalled, as Beijing refuses to finance them without Pakistan assuming unsustainable debt. With $69 billion owed to China, Pakistan now faces worsening trade imbalances, financial instability, and security risks rather than the economic prosperity the BRI initially promised.
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READ MORE: https://www.theepochtimes.com/opinion/the-reality-of-chinas-belt-and-road-initiative-failing-faltering-retreating-5801754?ea_src=frontpage&ea_cnt=a&ea_med=business-center-business-center-medium-0
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