At the outset of Xi Jinping's leadership, he proposed the ambitious Belt and Road Initiative (BRI). However, as time has progressed, increasing signs indicate that this plan is leading to massive loss of national assets, even described as a "reckless splurge," bringing severe consequences to the Chinese economy, with the wealth accumulated over forty years of reform and opening up dissipating in just a few short years.
Firstly, it is essential to clarify the essence of the Belt and Road Initiative. While touted as a grand vision to promote global economic development, in reality, it resembles more of a political game and geopolitical maneuvering. The Chinese Communist Party (CCP) spared no expense in investing heavily in many countries to gain more political influence, yet these investments often lack thorough risk assessment and prudent financial management. Consequently, it has become synonymous with reckless spending.
The direct consequence of this profligacy is the massive loss of national assets. Under the guise of overseas infrastructure construction and project investment, the CCP has poured vast sums into some impoverished countries. However, these projects often lack feasibility studies and practical benefit analysis. Many projects have stalled, becoming enormous "money pits," ultimately leading to capital outflow. This not only wastes the money of Chinese taxpayers but also plunges the country into a fiscal crisis.
Moreover, this initiative has exposed the immaturity and lack of transparency of the CCP in international affairs. In some countries, Chinese investments are often accompanied by opaque contracts and corrupt practices, causing severe disruptions to local political and economic systems. When promoting the Belt and Road Initiative, the CCP failed to respect local laws and cultures, a behavior that not only incites resentment in the international community but also damages China's image to some extent.
What is even more worrying is that due to the poor execution of the Belt and Road Initiative, China may face more international disputes. Some countries have begun to question China's debt, while others are unable to repay their debts to China on time, which will have profound implications for China's economic stability. Meanwhile, due to the CCP's failure to handle cooperation with some countries properly, some nations are beginning to distrust China, gradually weakening its discourse power on the international stage.
It is worth noting that the failure of the Belt and Road Initiative is not the CCP's first failure in international affairs. However, this failure is so significant that the wealth accumulated over forty years of reform and opening up has vanished in a short time. This has not only left the domestic population disappointed and angry but also severely undermined international confidence in China.
