China's Belt and Road Initiative: Transforming the World's Future

China's Belt and Road Initiative, founded by President Xi Jinping a decade ago, aimed to enhance China's geopolitical influence by providing loans and building infrastructure in developing countries. However, the initiative has led to unaffordable levels of debt for many poor countries and the construction of subpar projects. China's role is now shifting from being the largest bilateral lender to becoming the largest debt collector. The initiative is also changing shape, with a focus on smaller grants for environmentally sustainable projects. China's mounting debt and economic troubles are limiting its ability to project financial power abroad.