{"id":556793,"date":"2021-10-18T14:00:25","date_gmt":"2021-10-18T14:00:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/why-does-the-west-intend-to-offset-chinas-belt-and-road-initiative\/"},"modified":"2021-10-18T14:00:25","modified_gmt":"2021-10-18T14:00:25","slug":"why-does-the-west-intend-to-offset-chinas-belt-and-road-initiative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/why-does-the-west-intend-to-offset-chinas-belt-and-road-initiative\/","title":{"rendered":"Why does the West intend to offset China\u2019s Belt and Road initiative?"},"content":{"rendered":"

<\/a> Is the West planning on offsetting one of the most important global trade routes? <\/strong>An undersea fiber optic data cable known as EllaLink<\/a>, linking Europe to Latin America, came online in May. Backed by the European Investment Bank and major public lenders, the EUR 150 mn project is seen to rival China\u2019s Belt and Road Initiative and meddle with global trade, which is heavily reliant on the Chinese route, according to the Financial Times<\/a>.<\/p>\n

The EU is pushing for the project to enhance collaboration with partners<\/strong> \u2014 namely the US, Japan, and India \u2014 under the umbrella of supporting high quality projects and channeling investments into developing countries. This comes under an even wider scheme where the EU aims to launch an ambitious global infrastructure plan by 2022 connecting the EU with the rest of the world, Reuters<\/a> reported.<\/p>\n

The plan was even given a nod last month by the Group of Seven <\/strong>during the G-7\u2019s first face-to-face meeting in two years under a so-called \u201cBuild Back Better for the World\u201d plan. The plan is designed to enhance global infrastructure \u2014 from railways in Africa to wind farms in Asia, CNBC<\/a> reported. The EU strategy, dubbed as \"A Globally Connected Europe\", doesn\u2019t even mention China at all, but an EU diplomat who contributed to drafting the strategy said the eight-page document had \"China written all over it,\u201d Reuters further said.<\/p>\n

Why is China\u2019s Belt and Road initiative important? <\/strong>Launched in 2013, the Belt and Road Initiative quickly became a strategic tool for more than 150 cities and international organizations from the Middle East, Africa, Asia and Europe, and is being considered a landmark foreign policy by Chinese President Xi Jinping to expand his country\u2019s global influence.<\/p>\n

But over the years (and global crises) funding for the plan had been decreasing. <\/strong>During 1H2021, the Belt and Road initiative received USD 19.3 bn of funding, which is already a 29% y-o-y decrease, according to Bloomberg<\/a>.<\/p>\n

Egypt had been considered a crucial part of the plan as a gateway for Chinese investments into Africa.<\/strong> The two countries had been actively engaged in talks over Egypt\u2019s participation in the global initiative since at least 2015<\/a>, with Egypt even hosting a Belt and Road conference back in 2017<\/a> that saw Chinese companies awarded projects. Talks for further Chinese infrastructure investments had gotten underway last year<\/a> after China provided Egypt with deliveries of the Sinopharm vaccine.<\/p>\n

The Belt and Road initiative has also been criticized to be in favor of Chinese companies, particularly state-owned ones, <\/strong>while burdening other involved parties with debt. The Group of Seven said that China\u2019s non-market practices prompt unfair competition, according to CNBC<\/a>.<\/p>\n

With projects abroad being marred by mismanagement: <\/strong>China was reassessing its Belt and Road Initiative (BRI) as mismanagement, accusations of corruption, and poor quality projects implemented under the initiative wreak political havoc across Asia, Bloomberg reported back in 2018<\/a>.<\/p>\n

And for harming the environment:<\/strong> \u201cWhile Chinese president Xi Jinping has pledged to make the BRI greener, there have still not been any concrete actions to limit outbound investment in such environmentally damaging industries,\u201d Economist Intelligence Uitl Imogen Page-Jarrett told CNBC<\/a>. A World Bank report<\/a> in 2019 estimated that transport infrastructure under the program could increase global carbon emissions by 0.3% and by 7% more in some countries. However, for the first time since the project was launched, China didn\u2019t finance any coal projects during 1H2021 amid increased scrutiny from environmentalists, Bloomberg reported. But the country didn\u2019t commit to its renewables promises either, and slashed green energy funding by 90% in 1H2021.<\/p>\n

Is the US too late to counter with its own infrastructure diplomacy? <\/strong>The US passed the USD 60 bn Build Act in 2018 with the aim to increase private sector investment in developing countries. Experts say it\u2019s too late as the world is already heavily dependent on the Chinese infrastructure projects. Nonetheless, while the US has been vocal in taking on China, others such as the EU still didn\u2019t explicitly express their desire to join an anti-China alliance. According to the New York Times<\/a>, US President Joe Biden urged European countries last month to provide hundreds of bns to build an alternative for China\u2019s Belt and Road initiative, and bring China\u2019s growing economic power down.<\/p>\n

That ship has certainly sailed, diplomats say:<\/strong> \u201cSo far we are trying to counter Belt and Road mostly with buzzwords and lofty policy papers,\u201d a senior EU diplomat told the Financial Times. \u201cBut unfortunately there is no real geopolitical strategy or plan which is consistent and coherent. There\u2019s a real need to work together on infrastructure projects and avoid countries becoming over-reliant on China.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Is the West planning on offsetting one of the most important global trade routes? An undersea fiber optic data cable known as EllaLink, linking Europe to Latin America, came online in May. Backed by the European Investment Bank and major public lenders, the EUR 150 mn project is seen to rival China\u2019s Belt and Road […]<\/p>\n","protected":false},"author":1,"featured_media":556794,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9886],"tags":[2169,116,633,7192,134,1253,3393,132,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-trade","tag-belt-and-road-initiative","tag-china","tag-enterprisepm","tag-eu","tag-ever-given","tag-g7","tag-global-trade","tag-trade","tag-us","wpautop","entry"],"acf":{"mongo_id":"bca22e31-fce7-4249-824f-5a44d357855d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/431.jpg","photo_position":"above","related_issue":[556784],"teaser":"","voice_url":""},"yoast_head":"\nWhy does the West intend to offset China\u2019s Belt and Road initiative? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/why-does-the-west-intend-to-offset-chinas-belt-and-road-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why does the West intend to offset China\u2019s Belt and Road initiative?\" \/>\n<meta property=\"og:description\" content=\"Is the West planning on offsetting one of the most important global trade routes? 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Yang said that Beijing\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567013,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/09\/el-sisi-talks-belt-and-road-with-chinese-foreign-minister\/","url_meta":{"origin":556793,"position":1},"title":"El Sisi talks Belt and Road with Chinese foreign minister","author":"enterpriseam admin","date":"9 January 2020","format":false,"excerpt":"El Sisi talks Belt and Road with Chinese FM: President Abdel Fattah El Sisi yesterday held economic talks with Chinese Foreign Minister Wang Yi on the first day of his diplomatic visit to Egypt, according to an Ittihadiya statement. The two sides discussed China\u2019s Belt and Road Initiative and its\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581015,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/chinas-belt-and-road-initiative-has-not-stood-the-test-of-time-one-thing-ai-cant-do-yet-logical-and-social-reasoning\/","url_meta":{"origin":556793,"position":2},"title":"China\u2019s Belt and Road initiative has not stood the test of time + One thing AI can\u2019t do yet: Logical and social reasoning","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"Cracks in several of China\u2019s Belt and Road infrastructure mega-projects have come to light: Over the last 10 years, China has disbursed USD 1 tn in foreign loans, as part of the Belt and Road initiative \u2014 intended to develop economic trade and expand China\u2019s influence across Asia, Africa and\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/96.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642590,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/17\/china-clamps-down-on-outbound-mas-with-the-exception-of-belt-and-road\/","url_meta":{"origin":556793,"position":3},"title":"China clamps down on outbound M&As \u2014 with the exception of Belt and Road","author":"enterpriseam admin","date":"17 August 2017","format":false,"excerpt":"China clamps down on outbound M&A \u2014 with the exception of Belt and Road: M&A appetite from Chinese companies in nations that are part of China\u2019s Belt and Road initiative appear to have been spared restrictions on outbound capital by the Chinese government. Chinese acquisitions in the 68 countries, which\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604926,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/17\/chinas-belt-and-road-initiative-sparks-backlash-across-asia\/","url_meta":{"origin":556793,"position":4},"title":"China\u2019s Belt and Road Initiative sparks backlash across Asia","author":"enterpriseam admin","date":"17 December 2018","format":false,"excerpt":"Taking shots at China\u2019s Belt and Road initiative. China is reassessing its Belt and Road Initiative (BRI) as mismanagement, accusations of corruption, and poor quality projects implemented under the initiative wreak political havoc across Asia, according to Bloomberg. Maldivian President Abdulla Yameen, for one, was voted out of office after\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/12\/2835.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621750,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/chinas-belt-and-road-initiative-raising-eyebrows-but-going-still\/","url_meta":{"origin":556793,"position":5},"title":"China\u2019s Belt and Road initiative raising eyebrows, but going still","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"Five years after its launch, China\u2019s Belt and Road Initiative is still \u201cpopular\u201d in target countries despite issues that have infected an estimated 14% of the projects in the 88 mostly developing countries that are being invested in, Raffaello Pantucci writes in a guest post for the Financial Times. Pantucci\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556793"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556793\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/556784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556794"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556793"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556793"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}