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The political economy of China's Belt and Road Initiative

Published online by Cambridge University Press:  19 September 2024

Gregory W. Caskey Open the ORCID record for Gregory W. Caskey [Opens in a new window]
Gregory W. Caskey*
Affiliation:
The Citadel, The Military College of South Carolina, Charleston, SC, USA
*
Email: [email protected]
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Abstract

The Belt and Road Initiative (BRI) is the Chinese government's effort to promote global development and interconnectivity through a vast network of transportation, energy, and telecommunications infrastructure projects. Involving over 140 countries, Beijing has clearly stated aims and methods for the Belt and Road, including that BRI contributes to economic development in participant countries and that all projects be carried out according to ‘five cooperation priorities’ representing win–win partnerships between China and BRI-participant countries. Taking China's stated aims as given, this paper argues that Beijing faces information and institutional constraints that prevent the successful planning, implementation, and operation of BRI. By employing ill-suited means to achieve their stated ends, Beijing undermines their own ability to carry out BRI successfully. This paper explores the mechanisms at work on the ground within BRI, utilizing case studies of BRI's flagship projects and BRI contract data as evidence for the theory.

Keywords

Belt and Road InitiativeChinadevelopment planning and policystate-owned enterprisesofficial lending and foreign aid

JEL classification

F15: Economic Integration O10: General
Type
Research Article
Information
Journal of Institutional Economics , Volume 20 , 2024 , e31
Copyright
Copyright © The Author(s), 2024. Published by Cambridge University Press on behalf of Millennium Economics Ltd.

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