The Belt and Road Initiative (BRI) is a global infrastructure and economic development strategy, or scheme, of the government of China, initially known as the One Belt One Road (OBOR). It was launched by Chinese President Xi Jinping in 2013 during visits to Kazakhstan and Indonesia, with the stated purpose of promoting inter-regional connectivity and economic growth by addressing a global "infrastructure gap". The BRI was later incorporated into the Chinese Communist Party's constitution in 2017.
The initiative is structured around two main components: the overland Silk Road Economic Belt and the 21st-century Maritime Silk Road. It works by investing in infrastructure projects—such as railways, ports, and energy pipelines—across over 150 countries and international organizations. The mechanism is guided by "five goals": policy coordination, facilities connectivity, unimpeded trade, financial integration, and people-to-people bonds. Key projects include the China-Pakistan Economic Corridor (CPEC), which connects China to Pakistan's Gwadar Port. Financing is provided by Chinese institutions like the Silk Road Fund and the China Development Bank, and multilateral bodies such as the Asian Infrastructure Investment Bank (AIIB). The BRI is a central element of Chinese foreign policy and is conceptually linked to the historical Silk Road trade routes.
Recently, the BRI has undergone a significant change, pivoting from large-scale projects to a "small and beautiful" model since around 2021. This shift prioritizes smaller, greener, and less financially risky projects, often in sectors like technology and energy, in response to debt sustainability concerns in partner countries. The core components and the overall strategic goal of enhancing China's global connectivity remain the same. The BRI is often viewed in competition with Western initiatives like the Partnership for Global Infrastructure and Investment (PGII), formerly the Build Back Better World Initiative ("B3W").