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Motion: China's Belt and Road Initiative is a debt trap for developing countries

Sociology

Motion: China's Belt and Road Initiative is a debt trap for developing countries. If you are for the motion, then explain the reasons why China's BRI is a debt trap for developing countries. And if you are against the motion, explain the reason why China BRI is not a debt trap for developing countries (800 words). Use only scholarly articles and books to back up your reasoning. Some history to better understand the motion. What for China the One Belt One Road(OBOR) strategy means it is a debatable topic. At the Belt and Road Forum, President Xi noted (Links to an external site.) that "in pursuing the Belt and Road Initiative, we should focus on the fundamental issue of development, release the growth potential of various countries and achieve economic integration and interconnected development and deliver benefits to all." China's massive "Belt and Road Initiative" (BRI) - designed to build infrastructure and coordinate policymaking across Eurasia and eastern Africa - is widely seen as a clearly defined, top-down grand strategy, underpinned by Beijing's growing ambition to reshape or even dominate regional and international order. Here is a helpful approach (Links to an external site.) to how to examine the BRI. Geographically, BRI spans some 65 countries, representing 60 percent of the global population. Economically, it includes China's investments approaching $4 trillion. Some experts argue (Links to an external site.) that the BRI has become an essential vehicle for real Chinese geostrategic influence and status enhancement. "If successfully implemented,- they assert - the BRI could help re-orient a large part of the world economy toward China. Increasing the amount of trade, investment, and connectivity between China and countries throughout Eurasia will also render these countries more dependent on the Chinese economy, increasing China's economic leverage over them. This may empower China to more readily shape the rules and norms that govern the economic affairs of the region." Our task is to understand how China's rise shapes the current world order, explores BRI as a vital dimension, and examines Eurasian multilateral cooperation. So, if the BRI is hugely beneficial for China, is it right for others, and what kind of multilateralism has Beijing been promoting? What if Beijing strives to hegemony through this kind of multilateralism? Recently, some countries participating in China's BRI have realized that Beijing's initiative is actually a debt trap, but not a hope. The Malaysian government has halted US$22 billion (Links to an external site.) worth of BRI projects accusing China of securing influence via debt-funded infrastructure schemes that recipient countries could not afford. Some experts believe that this initiative will leave countries with debt "overhangs" that will impede economic growth and create an unfavorable degree of dependency on China as a creditor. In November 2019, the survey of over 1,200 Asian opinion leaders from 26 Asian countries that have signed a BRI agreement with China had shown that these options on China’s motives received more responses: “assert influence on international economic governance” (53.8%); “construct and control key supply chains and energy routes” (53.2%); and “advance China’s soft-power” (52.8%)“cultivate a Sino-centric regional/world order” (42.0%) .

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