https://www.cfr.org/blog/belt-and-road-initiative-didnt-quite-live-its-hype-2017 China's balance of payments data doesn't show any material increase in the pace of offshore lending. Blog Post by Brad W. Setser February 12, 2018 I admire the public relations push that China has marshaled around the Belt and Road Initiative . It isn’t yet clear if the Belt and Road has any geographic coherence*—or is simply a phrase that China’s bureaucracy has latched onto because of its flexibility. I suspect that the historic Chinese connection to the Artic is rather thin for example. The Belt and Road isn’t (for now) a trading block. The Regional Comprehensive Economic Partnership (RCEP)—China’s big trade initiative—is smaller in scope. It rather is a set of infrastructure projects that will be financed by Chinese money. Or global money mobilized thanks to a backstop provided by Chinese risk capital. Which means that the balance of payments data provides at least some ins
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