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Line 52:
Line 52: − The [[Belt and Road Initiative]] (BRI) began as an effort to extend [[China]]'s [[domestic]] industrial policies to countries beyond its borders. It was framed as a means of [[export]]ing surplus Chinese [[industrial]] capacity to build [[infrastructure]] that could connect all the countries of the [[Eurasia]]n "world island" and [[East Africa]] to China. But as other countries have sought to tap Chinese [[capital]] and [[construction]] expertise, the BRI has expanded to include partners states on every [[continent]], including [[Africa]] and the [[Western hemisphere|Americas]]. In Africa, BRI-related [[investment]] has become the largest source of funding for [[economic]] uplift, dwarfing [[financial]] support from institutions like the [[World Bank]]. China's domestic savings are being channeled into foreign investment in development, not just through the BRI, but through new institutions that are compatible with and complement the [[Bretton Woods]] framework.+
→Belt and Road Initiative
==Belt and Road Initiative==
==Belt and Road Initiative==
On a visit to [[Kazakhstan]] in 2013, [[Chinese]] president [[Xi Jinping]] announced what has become known as the "[[Belt and Road Initiative]]" (BRI). The BRI began as an effort to extend [[China]]'s [[domestic]] industrial policies to countries beyond its borders. It was framed as a means of [[export]]ing surplus Chinese [[industrial]] capacity to build [[infrastructure]] that could connect all the countries of the [[Eurasia]]n "world island" and [[East Africa]] to China. But as other countries have sought to tap Chinese [[capital]] and [[construction]] expertise, the BRI has expanded to include partners states on every [[continent]], including [[Africa]] and the [[Western hemisphere|Americas]]. In Africa, BRI-related [[investment]] has become the largest source of funding for [[economic]] uplift, dwarfing [[financial]] support from institutions like the [[World Bank]]. China's domestic savings are being channeled into foreign investment in development, not just through the BRI, but through new institutions that are compatible with and complement the [[Bretton Woods]] framework.
The BRI finances [[investment]] in [[infrastructure]] to raise [[economic]] efficiency and bring into being a worldwide [[logistics]] network that is connected to China but available to others. It emphasizes [[market]] opening and includes the [[negotiation]] of [[free trade]] agreements and standardized arrangements to speed customs clearance, bonded storage, and the transit of goods. It imposes no requirement for Chinese partners to exclude relationships with other countries. So, it has little if anything in common with [[mercantilism]].
The BRI finances [[investment]] in [[infrastructure]] to raise [[economic]] efficiency and bring into being a worldwide [[logistics]] network that is connected to China but available to others. It emphasizes [[market]] opening and includes the [[negotiation]] of [[free trade]] agreements and standardized arrangements to speed customs clearance, bonded storage, and the transit of goods. It imposes no requirement for Chinese partners to exclude relationships with other countries. So, it has little if anything in common with [[mercantilism]].