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9 - Banking on the Belt and Road

The Future of Global Development Finance

Published online by Cambridge University Press:  21 April 2022

Axel Dreher
Affiliation:
Universität Heidelberg, Heidelberg, Germany
Andreas Fuchs
Affiliation:
Georg-August-Universität, Göttingen, Germany
Bradley Parks
Affiliation:
William & Mary, Virginia
Austin Strange
Affiliation:
The University of Hong Kong
Michael J. Tierney
Affiliation:
William & Mary, Virginia
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Summary

This chapter reviews the first six years of implementation of the Belt and Road Initiative (BRI), a major Chinese foreign policy initiative introduced in 2013. The authors explain how China’s transition from benefactor to banker, in con- junction with its push for expanded influence on the global stage, led to the adoption of the BRI. They then consider whether and why China might choose to ‘multilateralize’ the BRI. The authors conclude that if Beijing wants to multilateralize the BRI, it will need to either comply with—or help redesign— international development finance rules and standards. At the same time, the establishment of an inclusive and revitalized development finance regime does not rest solely on the shoulders of Beijing. If OECD-DAC and multilateral donors and creditors wish to avert a crisis of confidence and relevance, they will need to rewrite international development finance rules and norms in ways that accommodate Beijing’s interests and more effectively account for the preferences of low-income and middle-income countries.

Type
Chapter
Information
Banking on Beijing
The Aims and Impacts of China's Overseas Development Program
, pp. 282 - 302
Publisher: Cambridge University Press
Print publication year: 2022

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