Great Potential, Many Pitfalls: Understanding China's Belt and Road Initiative

China’s Belt and Road Initiative (BRI), China’s globe-girdling infrastructure and trade corridor project, is a rare watershed in international affairs. It affects, whether directly or indirectly, nearly the entire world, directly involving more than 60 countries, nearly 4.5 billion people (about two-thirds of the world’s population), up to $8 trillion, and around 40 per cent of the global economy. BRI also entails a rising power—perhaps the next superpower—endeavouring to build one of the biggest and most expensive super-projects the world has ever seen. If it achieves its potential, BRI could even pose a threat to the Bretton Woods global economic model that has prevailed since the end of World War II. BRI has the potential to change the world in a big way. And yet, the project also confronts security and financial challenges that are as serious as its potential is soaring. In this way, BRI is a topic that needs serious examination. This book features chapters on BRI prepared by top international scholars who have been tracking the project closely. The chapters assess the project’s impact across Asia, highlight its opportunities and challenges, and consider what might be in store in the future. The chapters in this book were first published as a special issue of the Asian Affairs.