Has China's Belt and Road Initiative been a success? | FT
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- čas přidán 22. 05. 2024
- The initiative is one of the biggest development programmes in history. Ten years on, the government is bailing out hundreds of billions of dollars worth of loans to protect its development banks from default. So should the BRI be regarded as a success and what comes next? The FT's James Kynge talks to the Overseas Development Institute's Yunnan Chen.
#beltandroadinitiative #china #geopolitics #beijing #internationalpolitics #globalpolitics #internationalrelations #strategicinfluence #foreignpolicy #diplomacy
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if BRI is not a success, then US and India have nothing to worry about.
Depends on what you consider success. China wins whether the loans are repaid or not. They get good returns and employs its own workforce in the projects. The risks are mostly borne by the host countries. On default they take the collateral for their further expansion across the globe, potentially with a military aspect too.
All china has to do is manage their cash flow and lend accordingly.
@@sevurueva5138 This is not the key of BRI. The main goal is to help more countries to develop, so that they will all increase trade with each other.
@@sevurueva5138You don’t understand how business works. A good business needs rich customers😂
And. For example if basic infrastructure didnt exist how Central Asia would be able to transport it's critical minerals? When you set up the ecosystem the host countries will reap the benefits of circular trade eventually.. no wars no human destruction presumably. That's why XiJinPing opening remarks were about.
It is saddling countries with debt. How should we not worry?
I'm surprised this is not an anti-China interview. Calm, objective, no interruption. So weird.🤣
I because this isn't for the masses who need to be taught to hate or fear China.
This is for investors, not the plebs...
Financial Times is actually a wumao 🤣
Objective!!! There is no such thing in the western corporate media, ALL propaganda dear.
Lol yeah
The FT is a pale version of what it was: it didn't see the 2008 banking crisis coming, predicted the UK wouldn't vote for Brexit, forecast the UK would collapse if it did leave the EU (look at Germany now!), wasted £98m on making its own website - one that didn't work.. The list is long..
China's $1 trillion spent on BRI - is all gone, with minimal, near-zero benefit to China! Yet Another monster mistake from Paddington Bear! One of so many monster errors, too many to list..
NB. The very last thing developing countries need is 'green energy'!! Just as Europe and US see the error of EVs, dismal wind power, solar cells that fail after five years, cars that spontaneously burst into flames, can't be recycled.. oh the list is endless.. Clean coal with nanofilters on exhausts is the best way forward for all nations.
Bloomberg, for example, and the WSJ are infinitely better..
Yunnan is a great guest. Very knowledgeable and articulate and able to synthesize down a very complex issue very quickly.
If you compare BRI to HS2, I would say it has been pretty successful.
What do you mean? I think HS2 is going to be a huge succes for conservative donors. Imagine all that land being sold to rich Tory donors, then to be sold again for a higher price when Labour wants to finish HS2! They will be laughing their asses off!!
The UK should have joined the BRI. It would have been completed years ago, and on budget....
@@user-gd8cu2xr2n originally in 2014 china china was invite to do the hsr2, china quote around 14b, but politic get in the way china back out... the rest is history with over budget, 2/3 of the line now cancel it similar to the hinckley nuclear power station..
Latest direct freight trains would have arrivals in London, passing 8 countries in EU from China. Faster, cleaner and cheaper than via air or ocean. I dont always agree w China politics but this is abs worthy long awaoted trade hubs projects.. CNA Singapore channel covered the news last week
@@user-gd8cu2xr2n You mean like Hinkley Point C nuclear plant being build by the Chinese? It's 2 times over budget and delayed forever and ever. It's brining UK taxpayers on it's knees.
On medias like BBC, CNN, Reuters, FT, it's impossible for you to find any articles that are positive about China's BRI, even if there are some, they must end with a "however, the cost is..." paragraph.
absolutely
They project how the IMF actually is on the BRI
work from home journalism can determine the success of BRI, how cool
hahaha
Exactly, apparently only on-site journalism has the credibility to do that.
All interviews should be conducted in such calm and respectful manner to allow a productive conversation with smooth and uninterrupted flow of information both ways ! Well done!
I would be curious in the Japanese on how they do their overseas projects and what countries they have done infrastructure in.
Vietnam, Thailand, Philippines... Cna insider has a very good documentary on this
Japan's efforts to build infrastructure in developing countries through the ODA program are quite commendable. They prioritize practical assessment and execution, rather than focusing on ideologies.
Probably debt traps.
The India HSR contracted to the Japanese started at the same time as the Chinese-Indonesia HSR, delayed now to 2028. Right now is 4.5Billion over original plan. Expecting more over budget by time of completion.
@@fjz8470 the chinese-indonesia HSR is delayed multiple times, caused numerous deaths, overblown & overbudget. And I kid you not the reason it got finished in the 1st place is because the indonesian threaten to bring the Japanese to finish the project.
Thr fact the US has been screaming about how bad it is tells you it works
chinese TROLL.
@@darthvirgin7157Can't handle the truth eh 😂
The fact that people say that the U.S. saying it does not work proves it works, proves it does not work.
It's been a success. Just the fact that the EU launched their own version of the BRI a couple of days ago is proof enough 😂
Exactly, you can only imitate something that is working. The only problem is that the EU's project may not be grounded on win win motives like the Chinese version but win loose motives. Americans and the Europeans historically have never had good intentions when interacting with the developing world like the Chinese have done.
Very wise!!!
I urge the west to also spend its money advancing the developing world.
That's like saying my dog has 4 legs. Your cat has 4 legs. Ergo my dog is a cat.
Huh?
Hopefully EU won't flush taxpayers money down the toilet on highways between "nowhere" and "nowhere".
@@aritragupta4182 The developing world needs infrastructure. If the BRI has loosened the pockets of the EU and US in this regard, that's a good thing. The developing world should be pleased.
She is amazing, I am impressed by her professional knowledge and attitude
she woudl amazing, U$ paid a lot of money for these false narratives.
BRI has done 3000+ projects all over the world in the span of 10 years, including the high-speed train for my country of Indonesia from the capital city of Jakarta to Bandung which normally takes us 3 hours to only 40 minutes. The train goes to 350km/hour and is very stable; this is one of the 3000 projects I mentioned. What has the USA done to Indonesia, google Freeport, has been stealing our gold/silver and other resources for decades.
sure
@@User55pk46 lol! Your envy and sourgrapes is showing.
It's always good to kowtow early while money is still available. China takes good care of early supporters. Just like Angel investors. You either hit the jackpot or lose all investments.
@@rap3208 This channel is Western-owned, of course, there are a lot of brainwashed zombies that eat propaganda on a daily basis. We should expect that.
Wait until Chinese bully your fishermen. And stop ur ships to force their will.
As indonesian, i love BRI, all BRI members countries can connect each other in terms of economic development, but so much to be done!
The problem is: China is playing the countries...
The constructions are mainly done by Chinese companies instead of by local ones (one of the main reasons why infrastructure projects are good for any economy, not only the fancy result but also the money pumped into the local economy + building up competence/experience locally).
Plus, they reduced the risk for china unreasonably by "if you bail we take over the building" >> with such an approach, the interest rates would need to be zero...
local companies and people have participation in many different ways However. when you have to finish a large (sometimes super large) projects in 3-5 years, Chinese companies and skilled professionals have to be the main force, otherwise these projects could take 10-20 years, or even become failures
@@zhuangdavid5037 Not necessarily - getting Chinese experts (aka expats) and building up the qualifications with the locals - to get a sustainable, long term benefit for the local community (and for china getting a better trade partner)
The same way china got and is still getting expats from the west.
@@frankkobold China using its own money to fill its own pocket and get maximum market from BRI. As Italy mentioned china's exports rise but Italy or other BRI members' exports will decrease which increases the Chinese debt rate increase on these nations leading to debt trap crises like Sri Lanka Nepal and many more. The future will tell BRI is a Boon or a bane for the world. But China is a threat to the world from cyber attacks to land sea grabbing to terrorist funding.
Indonesians are very smart. Since it is the first country in Southeast Asia to build high-speed rail and has transferred technology, it can export its high-speed rail parts to ASEAN or the world. Given that Indonesian labor is cheap enough, it is possible that these parts will be more competitive than China.
She did a great job of explaining this.
Almost. like a native speaker.too
I’m surprised that it’s not an anti Chinese interview 😊…I learned many things
You call it not anti Chinese, I call it completely non critical.
Just letting her speak the official party/government line without bringing up any question.
@@frankkoboldYou again😅, your appearence's really cringy
@@frankkoboldTo forestall a meaningless and annoying debate over rights of speech, I totally respect your rights, but just stop barking around pls, only bc you are not one of those who obtain profits from the BRI.
@@userxY1fP3tHY4Ui1Zs me "again"? can't remember you, where else did we have a discussion?
and where was my right of speech restricted? oO
and are you considering me pointing out, that she just spoke the party line, with little to none downsides of the BRI (and every project of this size has downsizes, no matter where and by whom), and that the journalist didn't bring up any critical topic? Bc let's be honest, if they would have been critical, the interview wouldn't have been allowed to happen^^
and the whole world can profit from the BRI, that's the amazing part about trade infrastructure in a global world after all^^
so also me, indirectly.
but, even China could profit from the BRI in the long run even more, if it would actually spend the money in the countries, and not lend it out with bad conditions (like making a default basically impossible by taking over the structure but still insisting on high interest rates) with basically the condition that Chinese companies have to enact it - instead of being done by local companies, boosting the local economy, building up more wealthy trade partners for China to interact with (especially in Asia, meaning becoming less reliant on EU & USA as export markets)
>> this points all wouldnt be anti-chinese, it would just put it in the perspective, that China acts risk avers and focussed on the short-mid term. which would be understandable, but also should be named & admitted :)
@@frankkobold you should fact check what you wrote
We need infrastructure such as railways, roads, ports, airport and digital infrastructure to promote economic development and prosperity to alleviate proverty, this is for the benefits and peace for mankind
True but can we afford them and afford to sustain them?
"and peace for mankind"
How does anything of what you said promote peace for mankind?
@@brennencox516having an unpaved dirt track leads to nuclear war. Having a multilane highspeed highway built by the Chinese leads to world peace.
☆ Logic made in China.
@@HoLeeFook68It takes 3 English men to change a 💡
No, you don't. You need to provide utter hot climate countries to have and to use their own natural heat and to use solar panels to move their own businesses and raise their cleanliness level and raise their government level as well. Let them save money. And then we would be fine. In Africa, their population exploded because they didn't use contraception even though is was a done thing before in the 1990s. And their doctors refused to stay and to earn and to do the hard work of providing such services in Africa so therefore their population exploded. Maybe china should indeed provide fertility services to Africa first. Cos their doctors ran off into the UK for more money !! What is the point of anything then ?....
Spent a trillion on connective roads, railway, bridges, and networks is a good thing even if loan receipients never pay back anything. Trade between China and BRI countries are booming. It's a lot better than the US spending several trillion between 2001 and now to make wars. No connections are made, millions of innocent people are killed and displaced. In that light just asking "Has China's Belt and Road Initiative been a success?" is casting aspersions on positive acts.
well said
well said by one of the most active Wumaos on youtube.
@@JigilJigil So says the most active caster of aspersions on youtube.
did you get your wumao already?@@joem0088
The US didn't start any war since 2003. China has quadrupled its military spending in recent years , is threatening to attack Taiwan, occupies other countries territories in the South Chinese Sea , has numerous border conflicts and tensions with all neighbouring states and is building military bases all over the world.
Developing countries deserve a chance to develope its own economy, rather than a chance to get some charity.
West view the countries in Africa as resources. China views the countries in Africa as both market and resources. West prefer no development in Africa because African countries will use more of its own resources if they develop further. China want more development in African countries because those more developed countries will able to afford more consumers goods and that will serve as more markets for China. Everyone is serving their own interest , however as for regional development, China BRI will serve more for the economic development of the regions.
China are great and charitable country. The world is lucky to have China. Can't say the same about the West.
Rich Africa is disobedient. This is not in the interest of the West.
Unpopular opinion: I think the West has long stopped truly helping poor countries. Why? Because when they're poor, they want to move their money to the West, good people also migrate to the West. The West then can select some of the best, and deport the rest, making the West the center/hub of great people as well as capital. China does not favor immigrants (they just don't say it out loud), but China needs friends, so they truly build up the poor countries. It's like: "you stay where you are, I build up your infrastructure (including digital infra), and we start trading with each other. Each of us maintains its own civilization in its own way in its own corner of the Earth."
@@stevet5790 true. But also it is important to remember that the People's Republic of China also constructed a railway in Africa when the PRC was very poor too. A stronger China can help the Global South more. So the win-win cooperation is very good.
What a strange question ! It looks as though you wish BRI had been a failure ! (Typical American response) Every nation touched by BRI has had improved trade opportunities at lower prices, and everyone can see the profit for everyone.
great video, I love how Yunnan has a such a pleasant voice and made so many insightful comments! I learned a lot!
China's infrastructure loans 100% goes to building the infrastructure whereas western infrastructure loans are dissipated via multiple venues created by western nations. For example, when borrowing from the US to build something, at least 10% to 15% must go to a feasibility study performed by an American institution. Then, another environmental impact assessment study may need to be done, which is another 10% - 15% of the loan total. The borrower must also shoulder the cost of 3rd party auditors, project management and legal services, all of which must be American. By the time construction starts, a good 50% of the loan has already been spent.
Thanks for this valuable information, seems like the US is putting a lot of effort and detailed planning into their projects 😊
This sounds like a joke, but it’s how the western system operates. It reduces lots of risks but costs also unbearably.
to be more precise, when the western loan are granted, there is plan but no actual project for the money. the money is right there and attracting all sort of laundering and corruption
the chinese style at least makes sure the money is spent on the actual project u can see
@@i-eat-youThat's the problem. Spend so much planning and but take a decade to put the project in action. Then they run out of funds and ask for more and it's a cycle. Look at the California high-speed rail :)
You know the west is freaking out, when their MSMs are doing 24/7 propaganda.
If China is failing they sure talk about and worry about China's "failing" a lot!
Meanwhile China doesn't care about what's going on in the U$, which means they know U$ has already lost. LOL
its success, the only way for china to make its brands popular in the world is to invest in mega infrastructural projects in the developing world in turn taking their machinery brands like xcmg, sinotruk, sany .... with them. majority of the investment is made to purchase those machineries . for example in my country Ethiopia we used to have many european and japanese trucks used in the construction projects like iveco volvo isuzu ... now adays after the chinese came up with their sinotruk and made some projects every construction comapny is rushing to purchase those relatively cheaper chinese brands you will see thousands of chinese sinotruks and construction machinaries working in Ethiopia which was not the case before china started investing on infrastructure projects. so main goal of investing in the belt and road project is not to get an immediate financial return as westerns expect but to lay the foundation for chinese brands to literally dominate the decads ahead last but not least once china makes sure that every conutry trades with itself on every sector china will gradually start changing the loans and investments into the chinese currency which is the ultimate goal mark my word on this its a very smart move by chia well planned.
👏👏👍
I don't think it is within China's interest to have the Yuan as the world currency. That would enable their super rich people to exchange their money for other currencies, and then to move abroad, what we know a lot of them would like to do. I mean maybe you're right but that's IF China becomes even richer to not care about losing some super rich, AND in a long time period (at least 2050). That's a big if and a long time further so I wouldnt bet. (Comment from France)
a good example of a chinese brand is BYD. BYD car company started in 2008, as of year 2023, BYD exported more cars than VW and toyota - clinching the # 1 spot. bravo china, with much love and respect from germany! xoxo
2.5 million homeless people all over the US, Canada, UK and EU....ask them.
She’s wonderful and has such a great knowledge of the topic! Great guest!
Chinese guests know far more than White “experts” on China
Pity he doesn't know anything about economics, he might not be in such a pickle then!?!
We don't care what West think about BRI. This is not a short term project. It's a huge project that covers Europe, middle East and Asia. So, definitely it will take time to complete.
If you don't hear the progress of BRI, it doesn't mean that it has failed.
Of course you care. You care more than anyone else. Otherwise you wouldn't be watching and commenting this video and flood CZcams with state sponsored self praise videos of how great China is plus a wumao army demonizing the evil West
It failed in a bunch of countries. Most projects are halted due to poor quality... 😂
We who?
the west is basically freaking out 24/7, they ruling elites of the west, knew they could no longer steal and loot like they once did, they know now, they will have to work hard to actually produce stuff to trade with the global south and not rely on worthless U$D. LOL
Is ROI higher or lower than buying US treasury ? Look at Russia . How many billions got freezed in west financial system ?
BRI is a platform only. Every project is considered one by one. Why the Europeans let their politicians and media take no responsibility for the decline of Europe but China should be blamed, for the weakening economy, as the inflation and the cost of production are rising in Europe.
Very knowledge speaker ! Cool calm and right to the point....
I'm relishing that term: "policy banks".
If it's a success, give us the return on investment 😂
Someone you know had a baby who is celebrating his first birthday, and you ask "Has he turned out to be a good man? A useful member of society? A joy to his parents?" Nation-building, my poor dear FT editors, is a decade- even century-long process.
Speaking of BRI, maybe you should take a look at The Suramadu Bridge in Indonesia built by China from 2003 to 2009, the success of it i believe was the blueprint of BRI.
Yunnan Chen's discussion on the BRI is better, less politically partisan than most discussions on news media I have seen.
However, like most news media discussions on the BRI, it centers on the financial objective and did not touch on the political objectives of the BRI. These are the 2 most important objectives of CCP and they are intertwined.
Does China do BRI out of boundless kindness?
@@theonlycaulfield Of course not. No country would spend that much money on other countries totally out of "boundless kindness." In a video that titled "Has China's BRI been a success", it would be appropriate to discuss both CCP's political objectives and financial objectives, since these 2 objectives are the most important and are intertwined, and also other objectives if time permits.
Furthermore, a more complete treatment of this subject should include an examination of the effects of all these BRI projects on the the countries which are supposed to be benefited from CCP's largesse, which frequently resulted in rampant corruption, environmental destruction, white elephant projects, exacerbation of wealth gap, and worsening of conditions of the have-nots. Of course, this aspect of the effects of the BRI would require a separate long discussion to cover.
@@CKWong-jk5st Right. I didn't really expect a real response to my silly comment, but I agree on the content of the video. I wish there was a more in depth examination of the economic impacts in the countries with BRI projects. A geo-political analysis would be interesting, but this was almost completely avoided in the interview. The closest the interview got to this was when the interviewer asked about controversial aspects of the BRI, but the question which wasn't a great one, was mostly avoided.
What are their political objectives other than coercion? The country and its people are literally incapable of behaving.
@@evrythingis1 Sorry I don't quite understand your comment. Emperor Xi has multiple political objectives, both internally and externally. I would just bring up one: to get other countries, especially the developing countries in Africa and southeast Asia to support CCP's position, policies, agenda, nominations, and clout in United Nation.
I assume that by "the country and its people..." you are referring to CCP's China and its citizens. I would not equate CCP with ALL the people living under its rule. And one needs to have some knowledge of the history of that place, especially since the late 1700s, and the present authoritarian state to understand why and how some people in the present day PRC act and think in certain ways.
By analogy, I would not equate any bad actions or bad policies of the government of USA with ALL its citizens. And, depending on one's political / philosophical / moral views, one aught not equate USA with its white supremacists, Christian nationalists, and anti-democratic people and politicians, and one aught not equate USA with its political-correctness-on-psychosis left, or its blindly supporting Israel transgressions faction, or its blindly supporting Palestinian terrorists faction.
It's a clear success, I believe this much more than any Western countries has done
...
It takes 3 English men to change a light bulb 💡😂😂😂😂
What is has proven is that no one G7 country wiling to take the risk or struggle to help the developing countries build those crucial infrastructure… prior to BRI
Green technology is a growth market. The United States ceded its lead to Europe, China, and other parts of Asia under the political influence of the fossil fuel interests. It was a very bad long term economic strategy. (Relevance: The video describes how BRI loans tend to float back to Chinese industries, and green technology was specifically mentioned.)
BRI project is a Chinese investment in other countries with Chinese construction firms and with Chinese money for Chinese prosperity.
Loans offered are just like any Bank lending, they're full of conditions for the lenders to either get the money back or get the full control of that projects if strategically important such as port.
As long as the West is still badmouthing on BRI, it means BRI is a success story.
A success for whom?
The BRI could have been amazing - if the local companies would have build the projects, increasing local prosperity structurally.
A success for Chinese government in having it's strategic interest expanded internationally.
Having local construction companies to participate in the project wouldn't serve the Chinese interest. That's ones of the condition in granting loan in the first place.
BRI projected by China loaned by China, built by China and for China,lol.
In Thailand the project initiated by China BRI ambition initially rejected by Thai government after gone through the conditions attached for loan offered which shocked everyone. The offer could be considered nothing less than an offer from a loan shark.
But considering the project might be good in the long run economically Thai government agreed to build the railway and finance it by itself. Chinese state railway only acted as a consultant employees and nothing more. In the end once construction completed the train used to run on the railway might not be from China but from Japan, lol.
Well the Thai pay for it so it's their choice of choosing.🤣🤣🤣
@@singularity-6339well Indonesia have high speed railways, I don't see Japan build in thai. Or extended until 2035
@@singularity-6339 for China, yes, it's a success on the short-mid-term in regards of minimal risk, the money invested not really leaving China.
but, many arguments can be made, that if china would give better conditions, it would be actually good/better also for the local countries, which would lead to to a (in the long run) even better success for China. Bc it would increase the trade along the BRI in general.
But that would be ofc an indirect win and involve taking an actual risk...
@@nicksonsicnawa9607 Thai will built the railway system not Japan nor China. Some sections are now being built and completed for both north and northeastern routes. We are not in a hurry for high-speed system but dual Train racks has priority.
If BRI not a success, why G7 wants to copy?
It's path...
How road can be successive or not. We have no choice, just go and build the world
Have a look a the Jamaican highway system, the British and Americans are looking around the room with their hands in their pockets, whistling.
are you suggesting the highway has been a success or not?
Our neighbors and the IMF won't do it and forget that dead empire called England. Built on credit, but I don't think they are going to dig it up if Jamaica defaults.@@iceman4660
The BRI has been an important part of Africa's development. But i think we all can agree that we are no where near the heights we can reach together. Addressing the issues on ground which are mostly related to the mining sector requires responsible resource management, sustainable mining practices and international cooperation to ensure equitable and environmental friendly access to mineral resources.
Yes but many of the developments associated with the BRI in Africa have put the participating nations into dangerous levels of debt, which if defaulted in will legally give China right to seize the land/ assets developed with the tax payer money of the participating country. The majority of the workers on the se projects are chinese, the firms are chinese, and therefore all the profits are enjoyed by the chinese. These projects are not the golden goose projects that many think they are.
@@c_lakindick Golden Goose? It's all in your mind that all projects are golden goose. There are always positive and negative to things.
It’s all about unlocking countries and especially landlocked poor countries.
He is not asking hard questions. Why only Chinese contractors will get the job. Why opacity about the interest rates. Viability of projects itself. These question were not asked.
What is the progress report so far? What projects have been completed? Where is the outcome document? Every year it is only promises !!! Not much gets done! Can they publish how the money is being used budget and so on? A lot of money goes into purchasing influence and bribes.
Why you can type so many words but not willing to search for relevant info? 😅
Sri Lanka defaulted and they lost their port to China for 99 years.
@@gearfet7622stop this propaganda...you don't know anything other than what western propaganda machinery feeds you.
@@gearfet7622the same Sri Lanka pays more to imf than china , but definitely you don't have a problem with that
@@wazukyan7696 the rate of interest on Chinese loans are 3 times that of imf! China is a loan shark!
Well the documentaries that i have watch show local people working with chinese and learning. They will trade with china and have a infrastructure to support it. It's won't be instant but they will lift those countries out of poverty.
Learning what? Go to AVIC a BRI vehicle that brings Chinese engineers and ask how many African engineers are employed? The local emplyees employed are given manual labour and paid tipence. So where is the technology transfer there? The Road projects done in these cointries are substanard and cost more than they should to a point that they are being redone (Roads built 2015/16) so lets ask ourselves if such projects are worth the lipservice they suggest or are a success?
Learning something from the Chinese, that is hilarious.
@@evrythingis1 very intelligent people. That's why they are the new superpower. Well educated and understand that helping other countries develop their infrastructure is good for both countries. Unlike the USA that just wants to hate everyone and everything and bomb it. Been to China, it's so far ahead of USA.
@@Joe90MC the African people that I've been talking to say that locals are employed on the projects and local engineers are employed. The quality is good. Just like the new railway line they built in Indonesia is high quality. The USA needs to get over its self. People want peace not aggression and hate. Prosperity not endless lies and war. The colonial masters are out ,
@@evrythingis1gotta love your jealousy
When they say "think tank" my eyes glaze over.
All of the countries involved, will not be able to service those loans as scheduled, time will tell.
BRI is China's alternative to re-investing their US$ trade surpluses instead of just buying US government bonds. The US narrative of debt trap is to force China to buy more US bonds which will benefit them. BRI benefits the low income countries.
@@gendunchoepel3480neither does war on terror
I wouldn't touch UST bonds with a barge pole at this point...
Should be succeed. ❤
I wanna see the US compete with China on the BRI. Race to greenify the world would be a economic boom for the world
Great show, every entertaining.
Success aside, development is much needed in many parts of the world. We need more initiatives that improve peoples' lives.
US/EU are really dropping the ball on this, especially in Africa.
The West have proposed 3 or 4 different initiatives that have all achieved nothing. What was the last one? Build Back Better World (B3W) proposed by the G7 to counter the BRI. And that's the problem, the primary objective is to counter China... , these countries have nothing to contribute to, no intention to invest in the developing world.@@eldarshamukhamedov4521
China invested 1 trillion dollars and then had to pay 104 billion dollars to bail out the unsuccessful projects. That would be roughly 90% success and 10% failure.
yeah , and at least they are talking about 'bail out' or even scrapping of some loans - NOT land grab or taking over ports ! slightly more balanced view 👍
It doesnt work like this.
I'm not sure I trust your numbers but what you're saying is they got a -10% return on investment? (though I assume there's interest to be made on the loans)
You are assuming that the basket-case countries that could not repay the debts in the last couple of years will soon become solvent. In fact, as she said, they are kicking the can down the road, loaning more money in order to pay the overdue debt, bailing out the Chinese Development banks without announcing it. It is called "extend and pretend". Extend the loan, and pretend that the borrower will soon be solvent and that the Chinese projects did better than the previous Western ones. $104 billion out of 1 trillion over 2 years is about 5%/year i.e. could represent most of the interest due, close to 100% failure.
Statistical data reveals a concerning downturn in trade relations between Korea and China, marking a significant shift towards a deficit structure after 31 years of diplomatic relations since its establishment in 1992. Reports from the Ministry of Trade, Industry, and Energy, as well as the Korea International Trade Association, indicate that exports to China amount to $114 billion, while imports account for $132 billion, resulting in a trade deficit of $18 billion. This deficit has persistently occurred throughout the year, starting with a deficit of $3.9 billion in January.
Good morning from Nairobi, Kenya
She did such good job with answering some tending to be provocative questions
The important and incredible thing about BRI is China can deliver under time and budget constraints, particularly in situations when costs got increased due to various factors. Winning bids and financing them is just one early step of many.
Maybe that's why all their infrastructure is falling apart shortly after completion. Tofu dreg.
And most of China Belt and Road debt trap projects are not finished, so countries fall into debt and have to relinquish some of their strategic businesses and territories, and losing autonomy over their own strategic resources..
Source ? Proof ?
@@zacksmith5963 Education, critical thinking. and capability to read. You should try it, it's life-changing..
@@xtrimmhr9119 so with all your education, all your CrItIcAl ThInKiNg , and capability to read
U still can't prove your claim. Lol
Has Build Back Better been a success or failure? BRI celebrated its 10 year annivesary earlier this year. BBB, a copycat of BRI never took off!
1 trillion dollar.
Usa could have 2x bri if they didnt spend 20yrs killing thousands in Afghanistan
better than spending 6 trillion dollars on afghanistan
Financial Times just said " English language speaking nations can't build HIgh Speed Rail ", maybe they should add big infrastructures too.😂😂😂
The thing about infrastructure investment it is often a stimulus to the area getting development as you get projects that enable growth in medium/long term and in the short term you get that boost from local construction workers/companies building the projects. A lot (not all) of the BRI countries construction was done by Chinese companies and labor as China used it as sort of a domestic jobs program. This did not give the receiving countries the same benefits that the US/EU would get for a road/rail project in their respective regions. While I can understand alot of BRI countries wanting to be less dependent on the West they should be careful and not put all their eggs in the China basket as that will come with its own inherent risk.
isn't it odd, that western countries seemed rather concern about the global south when China is offering trade, whilst quite happy to loot and commit atrocities on the global south including stealing the entire continents, multiple continets actually, for centuries?
Let me think ....how about hypocrisies!
Don't just be hypocritical, why don't the west offer a better deal rather than constant propaganda eh....where's Biden's Build Back Better????
Your memory is so short it's astounding!
Well balanced interview
Only in the eyes of west BRI not success. But they are scared about it 😂
Only the Chinese would think that flooding the internet with billions of lies would actually make up for them being incompetent at governing.
@@evrythingis1 and u have proof of that cia bot
China still has amazing potential. Following a path of being the green leader will surely help China reach a great position in developing countries, the south and globally. We will likely benefit from it as well.
At no point has this so called "discussion" pointbout the fact that over 90% of loans to developing xountries are by Western countries at high interest rates. Much worse than that, those loans are mainly for military adventures instigated by the West rather than for development or infrastructures. In contrast, the BRI is a godzillion times better than anything the West has done "To the developing countries" NOT "For the developing countries"
In terms of China creating relations in Africa and other nations, and get their support. Yes, it seems. Long term, will see.
BRI is indeed a success, the return comes back in different angles. It is part of exporting expertise, manpower, finances, materials, work culture & influences. Thus, it is a clearly a success!
It'll probably last longer than the US economy.
If the purpose is to stick a lot of nations with debt they'll never be able to pay back, then it is successful.
Adorable dude. You think that everyone is out to get a quick buck, that everyone is as short sighted as you.
Really dude? You give us Westerners a bad name.
@@markarmage3776 You obviously weren't paying attention when the Chinese took over the Sri Lanka Port of Hambantota when they got behind on their BRI debt.
I don't know if you are a Chinese Troll, or just ignorant to Chinese actions. In case you are just ignorant, there are now at least 57 countries with outstanding debt to China State owned creditors that are in financial distress according to AidData.
@@dancahill9585 The BRI initiatives build more than ports. The reason they took over that port is because it's a port on a small country. They are building countless things that they don't take over for the bigger countries that I named above.
Mathematics, homie. It's complicated but it's necessary
@@markarmage3776he's a cia bot . He runs away
This Chinese lady is super smart.
three words for BRI Success Success Success.
Two words... Try Harder!
@@icu17siberiabitterness and shortsightedness is why you can’t see.
@@kinchau4764 If it was working, why is the CCP cutting the funding?
Yes, Success Success Success for China and Lose Lose Lose for those countries that got into the China's trap.
Talk is cheap. You can say anything you want @@icu17siberia
Just look at the number of countries participating in this year's BRI summit, you can get a sense how popular it is. The west talks about debt traps, but if you look carefully the number of projects that ran into financial troubles are a very small percentage of the overall scheme of thing. Infrastructure projects are seldom economically viable on their own, but instead they bring in economic prosperity in and around the areas. If you count those economic benefits, they would be gigantic.
@@HoLeeFook68 i guess Saudi Arabia
is not part of the arab state now right?🤣🤣
@@HoLeeFook68 source ? U can check your made in china phone
Btw 50 can't visiting your house
A lot less countries came than last time. All major economies didn't participate. A lot of smaller nations just send their proxys.
@@i-eat-you u mean colonists didn't participate . All economies participated . Only colonists hate real work .
@@zacksmith5963 the real colonizer had invited the small economies! And they attended!
BRI Bailouts
Policy oriented institutions
Debt relief
Let me summarize what this video is about: Third world countries only have the obligation to accept western bombings, but do not have the right to accept China's construction
Helping poor countries getting better infrastructure seems like a smart way of spending money.
China has a history of doing so when it still was very poor. The Tazara Railway is a prime example. This was done to help Zambia exporting their copper, when the collective West did everything they could to ruin Zambia.
This make me trust China far more than I trust the West.
Congratulations to China's successful implementation of BRI since 2013.
Many decades of follow up investment needed to achieve a functioning network of the various components of the BRI. A bold undertaking no doubt but whether it can achieve the goals of the project will not be known for many years.
LOL, we all know China has zero intention of maintaining this infrastructure or even building it correctly in the first place. All of China's internal infrastructure that actually works was given to them graciously by western countries. They invented none of the technology, they invented none of the manufacturing processes, and they literally had no Chinese engineers competent enough to do any projects on their own.
FYI. She's wrong about the Kenyan port. The funding was internal but we hired a Chinese contractor...
James: Has BRI been a success or failure?
Yunnan Chen: (Ignores the question. Proceeds to introduce Chinese grand agenda.)
This video already STINKS at 01:00 mark.
Agree 100%
She ignores all of his questions.
@@JigilJigilsource ? Proof ? 😂
Like Srilankan port?
That all you got? Sri Lanka Sri Lanka Sri Lanka
@@TheFlagUnit Pakistan, Kenya, Zambia, Laos, Mongolia, Sri Lanka...
@@filipinoych5546 Dont forget Philippines. Are they dumb to sign up for BRI knowing is a debt trap? or is it a debt trap? Inquiring mind
Like imf anyone😂
@@filipinoych5546everyone u described had imf loans
I don't agree with her in 2 regards:
1. Chinese policy banks and commercial banks are not being injected extra cash when indebted developing countries are bailed out. The banks' loans get written off, translating into loss. Therefore, her analysis that bailing out is done to support China itself of somewhat misleading.
2. What China is doing is not different from what IMF/WB(=USA)are doing to other indebted countries. Argentina, for example, has never got writing off its debt from IMF. WB's loan never gets renegotiated due to its PCS status. So, it is unfair to accuse China of not engaging in re-negotiation of debts while developed countries, mainly the US and EU get total impunity through the institutions such as IMF or WB
"Let's start, has the BRI been a success"? And unfortunately we didn't got an answer :((
compare the 1 trillion usd the usa spent on destroying countries around the world ahnd the money china spent on building infrastructure around the world. in the long term the countries benefitting from these infratructure projects will progress and their economies will hopefully grow faster than those of developed countries not withstanding the effects of climatic change. as the chinese president put it, when countries around the world prosper, china will also prosper. in other words, our core chinese value - common prosperity.
these projects also alllows china to use up their cache of usd and look at the value of the usd today!
There are several misconceptions on BRI, including accusation of "neo colonism". One is about local participation. Local companies and people have participation in many different ways However. when you have to finish a large (sometimes super large) projects in 3-5 years, Chinese companies and skilled professionals have to be the main force, otherwise these projects could take 10-20 years, or even become failures. Two is Chinese.have to manage and run the finished system for several years before turning to locals. This is to ensure systems do perform as designed or have to touch up in some areas. Local people and managers also need time to come up to speed , and learn how to trouble shooting problems. This is responsible way of handover complicated projects and a requirement for eventual success after construction. This is particularly important in Africa continent which European companies would not willing to do.
The initial stages of colonialism tends to be like that. But when those countries refuse to pay their loans we’ll see china’s strong arm against them
@@Godfrey544 OK prove it
How many roads projects were made by colonists for native Americans ? Africans ?
😂😂😂😂 this is why u are jealous
@@user-xp7nk9dw8d Plenty actually. The europeans built the rail systems, the energy plants and the very first roads in many locations in Africa and parts of the Americas.
@@Godfrey544 nope actually . They took slaves , robbed and when it was required ..... they built railways using those slaves to create them.
China did none of those . So again u are wrong .
U didn't think this 1 through did u .
@@user-xp7nk9dw8d no, they actually abolished local slavery in Africa done by the arabs and the Africans themselves when they colonized Africa. The colonization of Africa was justified by people like Bismarck by saying that the abolition of slavery was a holy mission. Look it up.
This interview didn't come close to answering the question posed in the title...I'm not sure it even really tried.
Chinese Steel Companies Percentage % For Domestic & Foreign Projects ??
Makes massive amounts of sense. When you have someone just speaking to the facts, data versus some narrative
Well, I think it's a bad deal a lot of time for the host countries. They take a loan that is used to pay Chinese workers to come in and build something. If the investment is sound, then indeed it can be win win. But so often those investments generate little returns, so it can end up being a way for smaller countries to absorb some of the overproduction of China while getting into bad debt.
Also, none of this has ever been seen as 'good will' offerings. This has only geopolitical intentions behind it, China wants to create robust alternatives to sea lanes, ones it can more easily control and that the USA can't blockade. Maybe a Chinese nationalist could see it as China giving a 'good will gesture to the developing world'. Such a thought, that the ccp would be driven by those moral goals, is just hilarious
It's the host countries that decide what infrastructure is good for their development, and what is the best deal to get things done.
The host countries usually hire big teams of consultants from the West, and they are way much smarter than people think to do the research and study to reach a deal with the Chinese or the West.
how do u define return?
The intention of the BRI is none of your business, it is dealing between sovereign countries. If the West is are jealous of China, then offer better deals!
Now Kenya has basic highways, people have access to all kinds of electronic products, they can work in garment processing, mining
@@catinbootsnow4267 Yes, host countries can be run by corrupt governments that embezzle money. the ccp doesn't mind, as long as they can get some economic or geopolitical benefits
This researcher is very good.
it’s not anti-china? that’s new to me
huge success🎉❤😮
BRI related investments can contribute to lifting 8.7 million people from extreme poverty and 34 million from moderate poverty at the global level. -> yes, of course.
@@HoLeeFook6850 cent visiting your home tonight
@@HoLeeFook68It takes 3 English men to change a lightbulb 💡😂😂😂
The reason France is being kicked out of former French speaking colonies. Where are they going to get all the uranium ores almost free.
3:52....3:59 Dispelling the Problem with Public Infrustructre
Investment in corrupt economies is carrying big misery on its tail. Developing countries can draw in investment from any sources if they would function properly. China and EU doing this indicate scramble to find new ways of influencing.
America is th emost corrupt country in the world. Yet people are stilling investing in America.
It is a partnership for infrastructure development between countries.
The China’s Belt and Road Initiative has become the biggest trade project in world history.
The Belt and Road Initiative has already lifted 40 millions of people out of poverty and it’s just getting started.
The world’s going to be totally transformed.
However, the US called the China’s Belt and Road Initiative as a debt and noose agreement as an entrapment to the Global South that is very insulting to developing countries.
Geopolitical experts say the growth of the BRI shows a sharp divergence in focus between the dominant West and the Global South.
China is focusing on development of poorer nations around the globe whereas the US and the West is driven by the US and the West vested interests and the military industrial complex.
The IMF and the World Bank forced debted countries with loans on conditionality to suit US interests and US foreign policy.
The International Monetary Fund has profited the rich nations at the expense of the developing and the third world countries.
It is time for the IMF and the World Bank boards to remedy the historical wrongs and “bias and injustice built into the current international financial architecture.”
The IMF will force borrowing countries to adjust its economic policies to overcome the problems that led it to seek financial assistance by selling their natural resources to foreign corporations. These policy adjustments are conditions for IMF loans and help to ensure that the country adopts strong and effective policies.
The World Bank and the IMF are essentially neocolonial institutions that act on behalf of Western governments and their corporations to impose unpayable debts on the Global South so that foreign corporations can buy up their assets for pennies and exploit in order to enrich the West.
Africa should not remain poor because of the conditionality imposed by the West on Africa raw material.
Malawi President Lazarus Chakwera condemns the World Bank predatory lending practice.
Nigeria Vice President Yemi Osinbajo said that the history of loans from Western institutions is detriment to Africa and the destructive conditionality place by the IMF and the World Bank relegated Africa into long-term debt.
The Financial Time report in 2018 on the debt crisis in Africa that was stuck by the IMF and the World Bank loans that, “While debt ratios are still below the levels that led to HIPC, the risks are higher because much more of the debt is on commercial terms with higher interest rates, shorter maturities, and more unpredictable lender behavior.”
Africa go deeper and deeper in debt impose by the destructive conditionality set up by IMF and the World Bank with 31% interest rate.
Russian government has written off over $20 billion of debt historically owed by African nations.
China forgive African loan when Covid-19 hits in 2020 as many African countries couldn’t pay their loans to China.
China forgive 23 different loans for 17 African countries and China canceled 3.4 billion worth of debts for Africa.
The World Bank data in 1990 show Nigeria was paying a whooping 25.3% interest to the World Bank.
In 1993, Nigeria was paying 31.6% interest on its World Bank loan.
In 2020, Nigeria was paying 24.8% interest on its World Bank loan probably due to Covid-19.
Whereas the website of the Nigerian Ministry of Finance and for the first time, Nigeria got a loan from China in 27th March 2002 was only 6%.
Between 2002 and 2019, Nigeria took a total of about 17 loans from China of about 5.6 billion in total.
All in, Nigeria paid between 2.5 % and 3.5% on the loan.
China offers Africa better alternative to the IMF and the World Bank and it is up to countries which one to choose from.
The Global South is losing confidence in the US and Western governments.
BRICS is the viable alternative for many countries to plug into the emerging economies.
President Ramaphosa said he want to build a partnership between BRICS and Africa so that the continent can unlock opportunities for increased trade, investment and infrastructure development.
BRICS offers an option for other countries on economic development and cooperation within the Global South.
Trade between BRICS members has increased which then translated to direct benefits to the people with job opportunities and economic growth with one another.
The multilateral cooperation mechanism of BRICS has provided development tools based on partnership and joint growth, in comparison with the Western model that pursues its own interests.
Financial cooperation including the use of more local currencies for trade settlements, exploration of a parallel payment system to counter the dollar's hegemony and a common currency is highly anticipated.
The New Development Bank, created by the BRICS in 2015, has set a target to increase local currency lending from about 22 percent to 30 percent by 2026.
The NDB has been an important financing structure for developing countries, which are usually burdened by political conditions set by the International Monetary Fund and World Bank and the NDB is the BRICS' pillar role in economic cooperation.
BRICS is building a new globalization with inclusiveness and is open to mutual support and integration as compare to US-led globalization that has caused increasing unfairness, uneven development and even chaos and turbulence worldwide.
BRICS cooperation is the most important platform for solidarity and cooperation among developing countries and the most central mechanism representing the Global South countries.
The BRI is the biggest facilitator of the United Nations Sustainable Development Goals, said Douglas Flint of former HSBC chairman.
The BRI is raising people from poverty by giving them jobs, reducing inequality and feeding the hungry.
The BRI forum is attended by the state and government from developing markets in Southeast and South Asia, the Middle East, Africa and Latin America.
The US has repeatedly said that China’s global infrastructure and investment deal is a terrible idea but then, the US tried to copy it repeatedly.
The US and the West is trying to counteract China’s Belt and Road Initiative with a rival strategy in pursuit of a contemporary strategy in countering China’s Belt and Road Initiative.
Both the US-sponsored Build Back Better World (B3W) and EU-initiated Global Gateway were rolled out in response to the BRI when the latter is viewed to have gained momentum in its implementation worldwide.
The initiatives by the EU and the US are primarily geopolitical strategies designed to put China in check across the world.
Biden leads infrastructure plan to rival China’s Belt and Road Initiative in June 2021.
Biden has pledged to adopt a bold new US inspired global infrastructure initiative as a rival plan to China’s Belt and Road Initiative and called the new plan as “Build Back Better for the World” to counter China’s Belt and Road Initiative.
Biden launch the Partnership for Global Infrastructure and Investment to deliver a game-changing projects to close the infrastructure gap in developing countries, strengthen the global economy and supply chains, and advance U.S. national security.
In September 2023, Biden-led initiative will comprise of two separate corridors, the east corridor connecting India to the Middle East and the northern corridor connecting the Middle East to Europe.
The Economic Corridor are an integrated system of roads, rails, and ports that connect GMS countries.
The EU also criticized BRI efforts by creating their own global trade gateway.
The Global Gateway is the EU's contribution to offer an alternative to China’s Belt and Road Initiative in 2021.
The China’s Belt and Road Initiative provides investment and development programs to build infrastructure for countries that needs infrastructure development.
Every countries needs infrastructure to build up their own economic development.
Countries are able to tap in to the Belt and Road Initiative for their own economic development.
Infrastructure helps the countries to regenerate economic growths by expanding their reach to the outside world and beyond the restricted boundaries and vice versa.
Good bot.
@@evrythingis1 Every countries need infrastructure to build up their own economic development.
Connectivity and easy access to markets helps in the standard of living as it begins to produce more products and increase its overall wealth.
Countries are able to tap in to the Belt and Road Initiative for their own economic development when the International Monetary Fund and the World Bank headed by the European and American refused to invest and helped the developing countries in economic development because they considered it a economic liabilities instead of an assets.
Infrastructure helps the countries to regenerate economic growths by expanding their reach to the outside world and beyond the restricted boundaries and vice versa.
Such huge projects like rail infrastructure, roads, bridges, and building tunnels through mountainous terrains requires a big investment and China with the Belt and Road Initiative provides the funds and technical expertise to the country infrastructure and economic development.
The western media like to used the word debt trap to paint a negative picture of infrastructure development when China is involved.
With the Belt and Road Initiative, any country is free to join and 155 countries out of 190 countries do so.
China's Belt and Road Initiative offers another additional alternative to the World Bank and the IMF.
It is up to other countries to choose which organizations served them better.
Besides China's Belt and Road Initiative, the Global Gateway from EU is an additional alternative to the World Bank and the IMF.
The US has repeatedly said that China’s global infrastructure and investment deal is a terrible idea but then, the US tried to copy it repeatedly.
The US and the West is trying to counteract China’s Belt and Road Initiative with a rival strategy in pursuit of a contemporary strategy in countering China’s Belt and Road Initiative.
Both the US-sponsored Build Back Better World (B3W) and EU-initiated Global Gateway were rolled out in response to the BRI when the latter is viewed to have gained momentum in its implementation worldwide.
The initiatives by the EU and the US are primarily geopolitical strategies designed to put China in check across the world.
Biden leads infrastructure plan to rival China’s Belt and Road Initiative in June 2021.
Biden has pledged to adopt a bold new US inspired global infrastructure initiative as a rival plan to China’s Belt and Road Initiative and called the new plan as “Build Back Better for the World” to counter China’s Belt and Road Initiative.
The Global Gateway is the EU's contribution to offer an alternative to China’s Belt and Road Initiative in 2021.
Biden leads infrastructure plan to rival China’s Belt and Road Initiative in June 2021.
In September 2023, Biden-led initiative will comprise of two separate corridors, the east corridor connecting India to the Middle East and the northern corridor connecting the Middle East to Europe.
the US and Group of Seven (G7) nations hope to counter BRI with alternatives.
The G7 nations intend to provide for alternatives to China’s Belt and Road Initiative to the world.
The Global South is losing confidence in the US and Western governments.
The Global Gateway, Build Back Better for the World will gives countries an options to choose who to partner with.
China’s Belt and Road Initiative is the viable alternative for many countries to plug into the emerging economies.
@@paultsjan6047don't worry he ran away
Very successful from Italy
Well said..