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China spent $1 trillion on BRI

New York-based research institute Rhodium Group has given this latest information on the basis of its data. Rhodium said that in the three years between 2017 and 2019, only $17 billion of loans were either forgiven or restructured. There is no official data on how much loan has been given under BRI in the last decade. Although it is estimated that $ 1 trillion has been spent worldwide by China.

Apart from this, China has given huge amount of loans to 150 borrower countries to ‘save’ so that they do not default. Such bailout packages ranged from 2019 to the end of 2021 to $104 billion. Not only this, if we look at the figures from the year 2000 to the year 2021, then this total amount reaches 240 billion dollars. Countries that borrowed from China slowed growth, raised interest rates, and increased debt levels in developing countries.

Jinping’s dream is BRI project

Negotiations for restructuring the BRI loan have reduced now as compared to the year 2020 and the year 2021. Experts said that the shortcomings in the BRI project are now increasing. The BRI project is directly linked to the prestige of Chinese President Xi Jinping. A decade ago, Jinping termed BRI as the ‘project of the century’. Although there are many countries that are welcoming Chinese investment. China is now adding these countries to the global security initiative and global development initiative being compared to NATO.