Great Potential, Many Pitfalls: Understanding China's Belt and Road Initiative

China’s Belt and Road Initiative (BRI), China’s globe-girdling infrastructure and trade corridor project, is a rare watershed in international affairs. It affects, whether directly or indirectly, nearly the entire world, directly involving more than 60 countries, nearly 4.5 billion people (about two-thirds of the world’s population), up to $8 trillion, and around 40 per cent of the global economy.

BRI also entails a rising power—perhaps the next superpower—endeavouring to build one of the bi...