Economic security

China Is Making a Bid for Global Primacy

In the twenty-first century, infrastructure development has become the new pivot of geopolitics. Power and influence is no longer measured by the military prowess or economic size alone, but also the ability of international actors to provide the necessary capital and technology for overhauling decaying or underdeveloped public infrastructure around the world. Asia’s leading economies have all pitched in, ranging from Japan’s Connectivity Initiative and Partnership for Quality Infrastructureprojects, to South Korea introducing the “New Northern” and “New Southern” Policies, and India’s International North–South Transport Corridor . The biggest of all, however, is China’s infrastructure plan.

On May 14, 2017, Beijing launched the Belt and Road Initiative (BRI), previously known as One Road, One Belt (OBOR) project. During the summit of global leaders, President Xi Jinping opened up the mega-event as the keynote speaker before leaders from as many as twenty-eight nations, who were more than eager to tap into Chinese infrastructure development largesse. “We have no intention to form a small group detrimental to stability,” the Chinese leader said during his keynote speech. “What we hope to create is a big family of harmonious co-existence.”