- Launched by China in 2013 under President Xi Jinping.
- Aims to revive ancient trade routes from China to Europe and East Asia.
- Involves providing loans for infrastructure projects to various countries.
- Often entails Chinese companies winning contracts for project execution.
- Includes the export of Chinese capital, labour, technology, and the use of the Yuan.
- Involves the development of new ports, industrial hubs, special economic zones, and military facilities.
- China claims trade volume with BRI countries surpassing $6 trillion.
- Over $80 billion in Chinese investment in BRI countries.
- Creation of nearly 300,000 jobs for local people.
- The World Bank estimated that BRI, if successful, could increase global trade by 1.7 to 6.2 percent and global real income by 0.7 to 2.9 percent.
- Criticized in the West and by some countries for providing unsustainable debts.
- A 2019 World Bank report identified 12 corridor economies facing unsustainable debt situations.
- Concerns about public assets potentially being handed over to foreign contractors or China.
- India opposes BRI due to the China-Pakistan Economic Corridor (CPEC), which passes through Pakistan-occupied Kashmir.
- India’s objection is based on territorial sovereignty concerns.