Is China’s ambitious Belt and Road Initiative paying off?
Questions remain as to whether the BRI is much more than a publicity campaign designed as part of Beijing's efforts to grow its diplomatic and economic clout
Launceton, Australia — China’s ambitious Belt and Road Initiative (BRI) is one of those vast programmes that should be positive for global commodities, but finding any concrete proof of increased demand is proving far more elusive. Last week's BRI summit saw Chinese President Xi Jinping touting $64bn in new deals for the plan to develop transport and infrastructure projects linking Asia, Africa and Europe. But questions still remain as to whether the BRI is much more than a publicity campaign designed as part of Beijing's efforts to grow its diplomatic and economic clout, or whether it is indeed going to result in a swathe of investment that could eventually top out at more than $1-trillion. Certainly, Xi didn't supply any details of the $64 billion in new deals, and estimates vary widely on how much money has actually been spent since the launch of BRI in 2013. Perhaps one way of looking at the impact of BRI on commodities is to examine China's imports of raw materials and exports ...
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