China’s Giant Global Construction Project

China’s Giant Global Construction Project

Chinese President Xi Jinping calls it the project of the century. China’s sprawling belt
and road initiative, sometimes called the New Silk Road. Measured in today’s dollars
it has already cost more than the US Marshal
Plan that rebuilt Europe after World War II. The World Bank estimates
that some $575 billion worth of energy plants, railways, roads, ports, and other projects have been built or are in the works. With 130 nations signing
deals or expressing interest from power plants in Pakistan
to a high speed rail line in Indonesia it’s one
of the most ambitious intercontinental infrastructure
projects in human history. The stakes for the belt and
road project are astronomical. Both monetarily as Morgan
Stanley estimates spending will total $1.3 trillion by 2027. And for China’s global
image on the world stage. China would like to make a
deal much more than I would. As President Donald Trump scales back US involvement in
international trade agreements Xi is using the belt and
road to position himself as the champion of global
cooperation, development, and free trade. But the project is not
without its critics. There are accusations that
China is luring poorer countries into debt traps for its own political and strategic gain. With some countries even
downsizing or completely canceling projects even as
new deals are being signed. Several countries have had
to rethink their involvement. Often after popular backlash
or change of government, or both. For example Sri Lanka
borrowed $8 billion to build a new port, couldn’t repay the loans, and then gave a
state-owned Chinese company a 99 year lease in
exchange for debt relief. The port has little business
now but provides China a strategic berth along
key shipping lanes. Myanmar also drastically
scaled back a port deal struck under its previous military regime. Originally to $7.5 billion
reduced to just $1.3 billion. China would like to get
somewhat of a roll back. The Trump administration has sought to capitalize on the doubts with
Vice President Mike Pence telling southeast Asian
nations the US would not offer a constricting belt or a one way road. In the face of criticism
President Xi is doing damage control. Calling the project a road for peace. In 2018 the initiative
extended into South America, the Caribbean, and even the Arctic. In 2019 Italy became the
first group of seven nation to sign up, brushing off
warnings from both American and European allies. In Asia these are the
countries that approve of the belt and road project. These are cautious, and these are opposed. Overall the World Bank
says the revived silk road has the potential to
stimulate economic growth. But with that growth comes challenges. Some of the risks include
allegations of corruption like those the Kyrgyzstan
Prime Minister is facing and potential for environmental damage. Which prompted a Kenyan
court to order a halt to a power plant being built on Lamu Island, a major tourist destination. Xi, who is dealing with
China’s own debt problems and slowing economic growth
has promised debt relief to some African nations. And a top Chinese regulator
called for greater social responsibility
in overseas investments. That’s the kind of sensitivity
China will need to show and follow through on if it’s
to win over their skeptics.

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100 thoughts on “China’s Giant Global Construction Project


  2. It is hard for trump to accuse China debt trap when each breathing American owe U.S$60,000 in national debt, that is the debt trap.

  3. Ha, Sri Lanka never planned to pay it back. It has no problem leasing that port to China. It is just secretly aligning with China without getting threatened by US. These smaller countries are smart and know how to play on two teams.

  4. China's speed of development. It is closely related to infrastructure construction.
    China: Lend you money to build roads and railways. Power plant. Waterworks. Not borrowing money for you to gamble.
    (In China. Many people borrowed 20,000 yuan to build a house in 1990. He cannot pay it back. 2019. His house is worth 3 million yuan. This is my story)

  5. It's a shame China is fucking over small nations right now but this intercontinental highway is going to be AWESOME if terrorists don't ruin it.

  6. China is a nasty place.. like living Hell… wall to wall criminal greedy humans where you can't breathe the air or drink the water. China's only culture is destroying life on Earth.

  7. 西方媒体最大的问题是只报道负面信息,而且把消极面无限放大,中国是有许多不足,但是很多方面也在进步。他们无法理解什么是大国,即使负面消息是真的,但消极面存在于什么环境,对整体面的影响,是完全没有概念的。

  8. None of this will be of any value, after the Western powers wage the next World War on China. The economy will tank, a revolution will take place, the CCP will be overthrown and China will divide itself into smaller nation/states.

  9. Meh… For me the discussion starts and ends with authoritarianism. Xi Jinping's clear love of adoration and absolute control puts me off. If China can get away from that then I'll consider trusting them again. Of course that's just little old me. When the presidents of countries are engaging with China for personal benefit and then leaving their people with gargantuan headaches as have already happened, and will likely continue to happen, then what does my opinion count anyway? I can only put it out there.

  10. Money poured into capex/infra is still safer & there are limited opportunities. China isn't after global domination, they're giving poor countries a hand to get them up to speed to form new markets for China's products & economy.

  11. China can only give endless construction projects to the all the countries in the world , USA can give endless wars to most of the small countries in the world, believe me , it is not the same.

  12. That’s what America should learn, instead of spending everything on weapons, unless they want to conquer or destroy this world

  13. Oh! I forgot that Bloomberg is loyal propaganda mouthpiece of CIA. US media is epitome of lies, fake news, hypocrisy and false propaganda. So never trust them

  14. US drops freedom and democracy bombs, destroys infrastructure and murder millions of innocent people. China just built infrastructure and debt. due to it. What would you prefer, death or debt?

  15. US still believes that smearing China will eventually work if it repeats thousand times. Please don't understand people's wisdom. If no benefits, will over 150 countries join that One Belt One Road program?!

  16. Truly amazing how most people have never heard of the Washington consensus and how we would force countries to deregulate their economies and sell off their assets so they could borrow money that only went to multinational corporations.

  17. those poor country should stop loan from china,go loan from world bank and IMF,we chinese also need loan to develop our countryside

  18. "Luring poor countries into debt traps" with loans that have lower interest rates than all competitors and often time forgive loans.

  19. China is in a Demographic/Economic Death Spiral! 2021 forward,who say???? Math Does….

    America's largest generation is has ever produced are the Millennials!!!

    The Children really are the Future!

  20. When the money that has been used to finance these useless infrastructure projects runs dry, the entire Chinese economy will collapse. This bubble is worse than that of Japan in 1987.

  21. pretty wild to accuse china to lure poor countries into loans an talk about the us marshall plan in the same video

  22. These third world countries are not just poor but also very stupid. They can't even see the simple fact that getting democratized and bombed back to stone age by the US and its NATO allies is way better than owing money to China. No wonder the US and its friends can't get it. Think!

  23. Go tell USA and Europe they’re just bullshit country and fuck the world . When Asia is doing great , they have to said something negatively. But when they Invaded other country or start taking over other and they said it’s Democracy.. See what happen In Vietnam (France and USA both got what they Deserve). France took Vietnam and make Vietnamese looks like Slavery. USA didn’t do anything. And it’s was not democracy.. but when the France got the ass fuck up.. USA going to use freedom lol

  24. Inside China’s Push to Turn Muslim Minorities Into an Army of Workers
    The Communist Party wants to remold Xinjiang’s minorities into loyal blue-collar workers to supply Chinese factories with cheap labor.

    KASHGAR, China — The order from Chinese officials was blunt and urgent. Villagers from Muslim minorities should be pushed into jobs, willing or not. Quotas would be set and families penalized if they refused to go along.
    “Make people who are hard to employ renounce their selfish ideas,” the labor bureau of Qapqal, a county in the western region of Xinjiang, said in the directive last year.
    Such orders are part of an aggressive campaign to remold Xinjiang’s Muslim minorities — mostly Uighurs and Kazakhs — into an army of workers for factories and other big employers. Under pressure from the authorities, poor farmers, small traders and idle villagers of working age attend training and indoctrination courses for weeks or months, and are then assigned to stitch clothes, make shoes, sweep streets or fill other jobs.
    These labor programs represent an expanding front in a major effort by China’s leader, Xi Jinping, to entrench control over this region, where these minorities make up about half the population. They are crucial to the government’s strategy of social re-engineering alongside the indoctrination camps, which have held one million or more Uighurs and Kazakhs.

  25. China is rising and the western world is afraid .

    China economy will rise and be able to maintain as long as the countries uses China products for their growth.

    Look at Huawei, more and countries will abandon google

  26. this is why debt trap don't work. the countries that owe you money can just default, or pay you and hate you for it. War machines is better, a bigger fleet of destructive power gets people scared and listen to what you have to say in more sincere manner. as far as politicians are concerned, they get hate domestically if they're in a debt trap, but they get sympathy from the people when they're pushed around by superpower with awesome jets. former is a bad business choice while latter isn't a fault of the decision makers.

  27. The credit ratings of these developing countries are so low that no bank is willing to lend them money. China is trying to develop these countries and then do business with them. These countries will no longer have to rely on agriculture and services to support their livelihoods.

    Now,These countries are cheap holiday destinations in the West. But Asia will be as rich as the West in the future.

  28. so china builds billions in infrastructure whilst america destroys billions in infrastructure whilst killing millions in the process.. i know who id rather do business with.

  29. 虽然西方话语还是占上风,但是显然工作越来越不好做了啊,不知道再过个20年要怎么挑新的毛病呢。。。。话说评论下面一帮蠢货倒是挺可笑的,这种认知差距和信息不对称,居然是在互联网如此发达的今天,尼玛都不知道墙到底在谁这边了

  30. China's Government Is Investing Their Money In The Infrastructure of Other Nations, While The American Administration Is Wasting Your Tax Dollars On Drone Strikes By Means To Steal Resources lol…

  31. talk about criticism on environment when people on those country are tracing because poor basic public construction.

  32. Hey what’s wrong with infrastructure? Oh poor nations will finally have a productive economy…US no like…lol

  33. 老外对中国的视频套路,先抑后贬,然后抛出一大堆所谓的中国问题给大家思考,这套路。。。。。

  34. Plus all that debt that USA owns to China – it's clear that China with brand new infrastructure is the real leader of the World and it's too late for America to curb it's development at this stage

  35. How come the Sri Lankan government and other governments didn't go to IMF or the World Bank for money ? MAKE YOU WONDER …….WHY, WHY….WHY THE WEST ACCUSES THE CHINESE'S LENDING THEIR MONEY ARE CONSIDERED AS DEBT TRAPS ?

  36. I’ve been to china and is insane how devolve it’s! After you go cities like Shanghai, Hangzhou, Shenzhen any city in America seems like a third world country! Where is all the money America makes?

  37. 500+ billion dollars in the programme so far spent – that is less than 1/2 of a year of Trump's budget deficit only !
    it certainly is great value for money compared to how the US govt spends !

  38. China has a long history of currency manipulation. The value of their currency is determined solely by the Chinese central government. they can make loans unpayable whenever they want. 4 of the top ten largest businesses in the world are Chinese banks. who controls the Chinese banks? The Chinese Communist Party, headed by…… Mr Winnie the Pooh himself.

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