Why Xi’s $1 trillion ‘project of the century’ faces uncertain future

The future of China’s Belt and Road initiative (BRI) looks uncertain as momentum has tapered off in recent years. China’s overall activity in BRI countries is down about 40% from its 2018 peak, and Beijing faces accusations of being an irresponsible lender. The Covid-19 pandemic has further slowed down the initiative, and geopolitical tensions and domestic economic problems in China continue to pose challenges.