Modeled after the Silk Road that
historically connected China to other
parts in Asia and Europe for trade,
China’s Belt and Road Initiative (BRI)
was announced in 2013 by President
Xi Jinping. The 21st century Silk Road
that China has been laying out is
two-pronged with the overland Silk
Road Economic Belt and the Maritime
Silk Road, which seeks to increase
their influence in trade, investment
and connectivity in Asia, Europe and
Africa. The BRI manifests in both hard
infrastructure, in the form of extensive
network of railroads, pipelines,
highways and maritime routes, and
soft infrastructure, in the form of
policy coordination to encourage
trade, investment and finance. The
government of China has allocated a
total of USD 1 trillion for this initiative, a
massive commitment as it allots around
USD 85 million a year for development
finance
