China’s flagship foreign policy effort could reshape the world’s digital, trade, and transport networks and political ties for decades to come.
The European Commission has become increasingly critical of various Chinese investments within the EU, fueling an ongoing debate within Europe about investment screening. While the EU released a framework for foreign investment screening implicitly aimed at China in November 2018, the debate has exposed cross-cutting divisions within Europe. Looking ahead to 2019, we should not expect a clear resolution anytime soon.
Since its launch in 2013, governments across Europe have made their interest in the Belt and Road Initiative (BRI) clear. At present, 17 EU member states are members of the China-led Asian Infrastructure Investment Bank (AIIB). The 16+1 framework — established by China in Central, Eastern, and Southeast Europe — includes eleven EU-member states and five countries from the Western Balkans. Greece has officially applied to join as the seventeenth member of the framework.
China envisions a vast global network of trade, investment, and infrastructure that will bring the world closer to Beijing. To better understand how China’s vision is playing out on the ground, _The New York Times_ examined nearly 600 Chinese-financed projects and the driving forces behind them, citing data from the Reconnecting Asia Project.
Pakistan faces a financial crisis and has secured a bailout package from Saudi Arabia, but surprisingly, it has yet to secure a similar package from China. Pakistan expected a decent bailout package from China, which is often called Pakistan’s all-weather friend, but China likely wants more detailed negotiations. Five reasons help explain China’s surprising response.
Washington’s shortsightedness is pushing its own competitors—the world’s largest nuclear power and the second-largest economy—closer together.