China will show its might in the Belt and Road project, which has become a debt trap for many countries around the world.
China will hold the BRI conference in October, in which 90 countries around the world have confirmed their participation. It also includes India’s friend, Russian President Vladimir Putin.
This is the same Putin who did not come to Delhi to attend the G20 conference. China said on Thursday that the third BRI conference would be organized in Beijing.
It is organized after completing 10 years of BRI.
It is reported that in addition to Putin, Serbian President Alexander Vucic and the Argentine President will also take part in this conference. Putin’s adviser Yuri Ushakov said the Russian president would be present in China during the BRI summit.
Ushakov said: “We have received an invitation and plan to travel to China.” China’s Foreign Ministry claims that 150 countries have signed the BRI document so far. The Chinese Foreign Ministry said: “BRI has achieved significant results over the past decade.”
China has claimed that $1 trillion has been invested and 3,000 projects have been implemented. Critics claim that BRI is a ploy by Chinese President Xi Jinping to increase China’s geopolitical and economic influence worldwide.
Many countries, including Sri Lanka and Pakistan, are now heavily caught in the clutches of the Belt and Road Initiative. Furthermore, Italy was the only G7 country to join the BRI and now the government there is calling this a big mistake.
Experts believe that this dream project of the Chinese president is at a dead end. The reason for this is the economic slowdown within China and the countries that are not repaying loans after Corona. China is now thinking about investing abroad.
Xi Jinping first mentioned BRI in 2013. Through this project, China has increased its economic influence around the world while others have fallen into debt trap.
China’s trade with BRI countries has become profitable. In the first 7 months of 2023 it was almost 197 billion dollars.
