The Atlantic: 'It's a Mistake to Underestimate China'

But there are few signs that Washington has the political appetite to compete with the kinds of investments China has been making around the world. The most visible aspect of Beijing’s ambition to extend its economic and political influence around the world is the Belt and Road initiative, a massive infrastructure plan that aims to connect China to its Asian neighbors and farther afield. Think of it as a hub-and-spoke model: China, the hub, builds infrastructure in countries around the world, the spokes, in order to facilitate trade. China is building roads, bridges, seaports, and airports in more than 60 countries to facilitate the import of raw material in order to further fuel its own economic growth while it searches for new markets. Unlike the West, China offers cheap loans, doesn’t ask questions about human rights or the environment, and doesn’t export its political ideology. [...]

To be sure, there are challenges to China’s ambition. For one thing, the market logic underpinning some Belt and Road projects is questionable. One example: China’s investment in a Sri Lankan port didn’t get the traffic or cargo it had expected, saddling the Sri Lankan government with massive debt that it had trouble paying off. For another, the reaction to Belt and Road-funded projects isn’t always positive. Vietnam and Burma are good examples. In those countries, China is accused of importing workers, degrading the environment, building shoddy infrastructure, and eroding sovereignty. Meanwhile, regional rivals like India, Japan, and Russia, which fears China’s influence in Central Asia, are wary of Belt and Road. [...]

But, ultimately, Kilman pointed out, “none of these challenges are insurmountable” for China. Indeed, if Beijing has shown one thing, it’s the ability to learn from its mistakes. For instance, while some of its projects may be white elephants, such as the one in Sri Lanka, they serve an important geopolitical goal; following complaints and protests in other countries, China has built local capacity and provided jobs. “Not all of what China is doing is market-driven, but there are infrastructure needs in the Indian Ocean area,” Kliman said. China is meeting those needs.  

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