Last year the government of China formally adopted the One Belt One Road Initiative to improve the transport and trading links between China and Eurasian and African countries. A modern day version of the Silk Road network of trade routes between East and West circa 207 BCE, One Belt One Road (aka Belt and Road Initiative or just BRI) will be the largest investment initiative in history. BRI will span more than 68 countries and including an estimated $8 trillion of investment in transportation networks, energy production, and telecommunications infrastructure.
The majority of the investment will be financed by Chinese-issued debt. Given the diverse composition of countries, the effects of new debt-financed infrastructure investment will vary. Participating countries range from rich Qatar to poor Afghanistan, high population India to small Timor-Leste, debt-dependent Lebanon to debt-free Brunei, growing Ethiopia to stagnating Yemen, and export-oriented Singapore to mostly import-oriented Bhutan.