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  • 9 - Banking on the Belt and Road

  • Axel Dreher, Andreas Fuchs, Georg-August-Universität, Göttingen, Germany, Bradley Parks, Austin Strange, The University of Hong Kong, Michael J. Tierney
  • Book:
    Banking on Beijing
    Published online:
    21 April 2022
    Print publication:
    05 May 2022, pp 282-302

  • 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.