China is dominating the new world order with its economic might. It is constantly expanding its influence around the world with its ambitious Belt and Road Initiative (BRI) by connecting Asia with Africa and Europe via Silk Road Economic Belt and Maritime Silk Road networks. The topic principally attempts to trace China’s development projects around the world and bring high-caliber intellectual analysis, develop in-depth academic research providing professional research findings and recommendations regarding the “Belt and Road Initiative”.
China-Pakistan Economic Corridor (CPEC) connecting Xinjiang to Pakistan's ports, has advanced infrastructure projects but faces hurdles like debt concerns, security threats, and geopolitical tensions, requiring strong management, local engagement, and political stability for success.
PM K.P. Sharma Oli's December 2024 visit to China strengthened Nepal-China ties under the Belt and Road Initiative, focusing on infrastructure, trade, and regional connectivity to boost Nepal's socio-economic development.
There have been various controversies and challenges that have surrounded Nepal's BRI participation, such as project delays, financial transparency concerns, and disputes over project inclusion. Despite these complexities, BRI offers Nepal several benefits, such as good infrastructure, increased connectivity, tourism, trade, and overall economic growth.
The 15th Summit of BRICS held at Johannesburg was marked as a historic event as six new countries were invited to join the prestigious association and with this, the GDP and population of BRICS escalated to 29 percent and 46 percent from 25.77 percent and 40.9 percent respectively.
Southeast Asia has become an important zone for BRI due to the economic dynamism of Southeast Asia, a significant lack of infrastructure in the region, and its strategic location on the border with the southwestern states of China and the major Asia-Pacific Sea routes.
The BRI juggernaut aims to incorporate China into a variety of zones of influence along its borders and in emerging countries. Beijing participates in debt-trap diplomacy, similar to China’s state capitalism, in which the Communist Party of China provides enterprises with cheap equity and debt.
This slow and gradual damage to Colombo is a matter of grave concern, and other countries caught in this vicious cycle of loans must learn lessons from the Sri Lankan experience.
While China’s BRI might be a probable danger for the countries of the Global South, who are caught in a severe economic trap, the B3W is never going to befall them without crafting strong implications for them.
