When President Xi Jinping first assembled world leaders to map out his vision for expanding Chinese soft power via a web of infrastructure investment in 2017, he called the Belt and Road the ¡°project of the century.¡±
As the Chinese statesman opens the third Belt and Road Forum this week, the future of his brainchild looks uncertain. While the project has drawn $1 trillion in its first decade, according to estimates from think tank Green Finance & Development Center, the momentum has tapered off in recent years.
China¡¯s overall activity in BRI countries is down about 40% from its 2018 peak as the world¡¯s second-biggest economy slows. Beijing faces accusations of being an irresponsible lender driving countries to default. Fractured ties with the U.S. have made association with Xi¡¯s pet project increasingly divisive ¡ª Italy, its sole Group of Seven member, is set to exit by the year¡¯s end.
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