Belt And Road Initiative: Exploring Geopolitical Concerns And Debt Burdens

 

The Philippines has decided to withdraw from Chinese President Xi Jinping’s trillion-dollar Belt and Road Initiative, effectively killing the grandiose development project.

Italy said a few weeks ago that it would withdraw from the project by the end of the year due to missed expectations. It was the only G7 country involved in the BRI.

The Philippines’ decision comes after a massive BRI Summit in Beijing last month, where President Xi was spotted greeting leaders and delegations from over 140 countries.

The declaration follows a recent collision in the disputed South China Sea between a Philippine vessel and a Chinese coastguard vessel.

Furthermore, the Chinese military has claimed that a Philippine naval vessel entered waters near the disputed Scarborough Shoal without permission, which Manila denies.

The Philippines is now turning to Japanese and Western partners, indicating the uphill battle that many of China’s important projects in the country face due to economic and political factors.