Macroscope | White elephant? China’s Belt and Road Initiative deserves more credit in pandemic-ruined economy
- China’s infrastructure initiative, which has been unfairly singled out for criticism, has made more progress than similar projects proposed by the US and others. It should be seen as an exercise in positive thinking and innovation
Some of the scheme’s critics appear to believe so, although such scepticism is likely to prove misplaced. The prevailing view in certain Western capitals that China is busily building bridges, railways and highways to nowhere will probably be confounded by an increase in demand for infrastructure.
It will take the form of digital and smart infrastructure (likely incorporating China’s 5G and similar systems) as well as more conventional types of structures. It will be “multi-modal” infrastructure combining land, sea and air links, as envisaged in the initiative.
The Economist recently devoted a lengthy article not to exploring such future developments but to looking instead at how the “pandemic is hurting China's Belt and Road Initiative” and to asking: “How will Xi Jinping's biggest project survive?”