BRI loses momentum; US gainsBy Antonio GraceffoChina’s Belt and Road Initiative (BRI) is losing its luster, paving the way for enhanced US diplomatic and economic engagement as a BRI alternative. However, about 60 percent of BRI nations face economic distress due to rising trade deficits, increased debt and a slowing global economy, making China the lender of last resort. For every US$1 of aid China provides, it creates US$9 of debt. The US will not engage in a foreign aid “arms race.” Instead, it offers diverse alternatives, eroding China’s appeal and addressing the BRI from multiple angles. Antonio Graceffo, a China economic analyst who holds a China-MBA from Shanghai Jiaotong University, studies national defense at the American Military University in West Virginia.

Source: Taipei Times September 19, 2023 17:15 UTC