China’s Belt and Road Initiative, which now includes 44 African countries, got under way 10 years ago. President Xi Jinping launched it in 2013 with a first speech in Kazakhstan and a second one in Indonesia. The initiative is something of a trial-by-doing development policy enigma: it keeps China watchers chasing Xi’s next move to help define just what it is.
The two speeches, however, give some lasting guidance. The Kazakhstan speech outlined five elements of the “Belt”: strengthening policy communication; road connectivity; currency circulation; people-to-people ties; and promoting unimpeded trade. In Indonesia, the five points were more abstract and diplomacy-oriented. They were framed as pursuing win-win cooperation, mutual assistance and affinity, and remaining open and inclusive.
So, what’s happened since then? As an economist with a keen interest in the political economy of China-Africa relations, I have studied the Belt and Road Initiative since its inception.
Among the more tangible achievements so far is fostering “road connectivity”. China has helped to finance and construct highways, rail and energy projects in various countries. People, goods and commodities flow more smoothly in many places than before, within and between countries. But at a cost. Most of these projects have been funded by loans from Chinese banks, including the China Export Import Bank and China Development Bank.
