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Loans are backed by collateral such as rights to a mine, a port or money. Xi Jinping visited Nur-Sultan, Kazakhstan, and Southeast Asia in September and October 2013, and proposed jointly building a new economic area, the Silk Road Economic Belt (Chinese: 丝绸之路经济带)[65] The "belt" includes countries on the original Silk Road through Central Asia, West Asia, the Middle East, and Europe. For the U.S. Initiative, see, Development strategy and framework, proposed by China, Sīchóu zhī lù jīngjìdài hé èrshíyī shìjì The board of governors is AIIB's highest decision-making body. "The Belt and Road is Overhyped, Commercially. The Belt and Road Initiative Is a Corruption Bonanza Despots and crooks are using China’s infrastructure project to stay in power—with Beijing's help.

[22] Development of the Renminbi as a currency of international transactions, development of the infrastructures of Asian countries, strengthening diplomatic relations whilst reducing dependency on the US and creating new markets for Chinese products, exporting surplus industrial capacity, and integrating commodities-rich countries more closely into the Chinese economy are all objectives of the BRI.[23]. [42], A leading group was formed sometime in late 2014, and its leadership line-up publicized on 1 February 2015. [9] It would increase cultural exchanges and expand trade. [45], The primary goals of AIIB are to address the expanding infrastructure needs across Asia, enhance regional integration, promote economic development and improve public access to social services. Furthermore, there is a strategic defensive factor: making sure China is not the single dominant factor in Asian economics. Some debtor countries have started to negotiate to defer payments falling due. hǎishàng sīchóu zhī lù, si-tiû-chi-lo͘ keng-chè-tài hô jī-si̍p-it sè-kí hái-siōng si-tiû-chi-lo͘, Asian Infrastructure Investment Bank (AIIB), Accusations of neocolonialism and debt-trap. "China’s Belt and Road Initiative and Japan’s Response: from Non-participation to Conditional Engagement. Mahathir: not at all", "Japan and the EU sign infrastructure deal to rival China's Belt and Road", "Japan and EU ink infrastructure cooperation pact in counter to China's Belt and Road", "Memorandum of Understanding between the state of Victoria in Australia and the People's Republic of China", "China's belt and road initiative: what is it and why is Victoria under fire for its involvement? German chancellor Angela Merkel declared that the BRI "must lead to a certain reciprocity, and we are still wrangling over that bit". ], The super grid project aims to develop six ultra high voltage electrical grids across China, north-east Asia, Southeast Asia, south Asia, central Asia and west Asia. [4], The Asian Infrastructure Investment Bank, first proposed in October 2013, is a development bank dedicated to lending for infrastructure projects. By Will Doig [29][30][31], In connection with the Silk Road project, China is also trying to network worldwide research activities. "Reordering China, respacing the world: Belt and Road Initiative (一带一路) as an emergent geopolitical culture. And national interest issues on foreign affairs are determined by the federal government, and I respect their jurisdiction when it comes to the issues they’re responsible for and it’s always been the usual practice for states to respect and recognise the role of the federal government in setting foreign policy". [79], Ecological concerns are problematic for many BRI opponents including deforestation along the Pan Borneo Highway – which spans Malaysia, Indonesia and Brunei – which can cause landslides, floods and other disaster mitigation concerns. "China's Belt and Road Initiative: The Way to the Modern Silk Road and the Perils of Overdependence. [104][105] Home Affairs minister Peter Dutton described BRI as "a propaganda initiative from China" that brings an "enormous amount of foreign interference" and "Victoria needs to explain why it is the only state in the country that has entered into this agreement". By. ", Park, Albert. [4] Critics use the term debt trap diplomacy to claim China intentionally extends excessive credit to a debtor country with the alleged intention of extracting economic or political concessions from the debtor country when it becomes unable to honor its debt obligations (often asset-based lending, with assets including infrastructure). This steering committee reports directly into the State Council of the People's Republic of China and is composed of several political heavyweights, evidence of the importance of the program to the government. "The Unintended Consequences of Politicization of the Belt and Road’s China-Europe Freight Train Initiative.

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