China is touting its 10-year-old Belt and Road Initiative as an alternative model for economic growth as it seeks to win friends and strengthen its leadership of the developing world. A government report released Tuesday praises the program, which has provided financing to build ports, power plants and other projects around the world. The report glosses over criticism that the initiative has saddled poor countries with too much debt and also increased global emissions of climate changing greenho
FILE - High-speed train is parked during the opening ceremony for launching Southeast Asia’s first high-speed railway, a key project under China’s Belt and Road infrastructure initiative, at Halim station in Jakarta, Indonesia on Oct. 2, 2023. China is touting its 10-year-old Belt and Road Initiative as an alternative model for economic development, releasing a government report that praises the program while glossing over criticism that it has saddled poor countries with too much debt.
Since it was launched, the Belt and Road Initiative, or BRI, has backed projects carried out mostly by Chinese construction companies, financed by loans from Chinese development banks.CO2 pipeline project denied key permit in South Dakota; another seeks second chance in North DakotaIts official goal is to boost trade and investment by improving China’s transport links with the rest of the world.
But the same study noted that many recipients of Chinese loans are now struggling with their overall debts. Also, Chinese-funded power plants are emitting about 245 million tons of carbon dioxide a year, adding to emissions of climate altering greenhouse gases. Cong Liang, a senior official of China’s main planning agency, said during the release of the BRI report that the country would adhere to “the principle of sustainable debt” and work with indebted countries toward “a sustainable and risk-controllable investment and financing system.”
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