Translated by: MOS Education Team – Xiaojiucaia
U.S. officials will travel to Latin America this week to inspect infrastructure projects, preparing to contend with China’s trillion-dollar “One Belt One Road” initiative.
U.S. officials said that a delegation of diplomatic and development officials led by President Biden’s deputy national security adviser Daleep Singh is in Colombia. They plan to meet with Colombian President Duque and then travel to Ecuador and Panama later this week. The mission of the delegation is to make into reality the bold new global infrastructure initiative Build Back Better World (B3W), which was announced by G7 countries in June. This is the first one among the several “listening journeys” plans. According to the US plan, the B3W initiative will be officially launched at the beginning of next year, including the announcement of some initial project details.
The “One Belt One Road” project has accelerated the already growing debt defaults and renegotiations due to the pandemic, and an estimated $94 billion, or a quarter of China’s overseas lending, has come under renegotiation so far. This shows that the China Development Bank and the Export-Import Bank, which is the most important lenders of the “One Belt One Road”, have done very poorly in financing the projects, and the Chinese taxpayers are likely to eventually pay for it. Given that the B3W project has started and Evergrande is collapsing, the “One Belt One Road” is very likely to be a failure at the end.
(This article represents the views of the author only)
Proofread/Posted by: Xiaolunn
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