The Belt and Road Initiative (BRI) is a global infrastructure and economic development strategy of the Chinese government, launched in 2013 by President Xi Jinping. Initially called One Belt One Road (OBOR), the name was formally changed to BRI in 2016 to use the more inclusive term "initiative". The initiative was created to address an "infrastructure gap" and accelerate economic growth across Asia, Africa, and Central and Eastern Europe, while also boosting economic links to China's less developed western regions. The BRI is a central element of Chinese foreign policy and was incorporated into the Chinese Communist Party's (CCP) constitution in 2017.
The strategy is articulated through two main components: the overland Silk Road Economic Belt and the sea-based 21st Century Maritime Silk Road. Its mechanism is guided by five goals: policy coordination, facilities connectivity, unimpeded trade, financial integration, and people-to-people bonds. Countries formally join the BRI by signing a Memorandum of Understanding (MoU) with China. Projects are often financed by Chinese institutions like the Silk Road Fund (SRF), and the BRI is closely connected to the multilateral Asian Infrastructure Investment Bank (AIIB). The concept is often compared to the post-World War II Marshall Plan due to its scale.
Recently, the BRI has undergone a shift from its initial focus on infrastructure to include new areas like the digital economy and green development. China is now emphasizing a strategy of higher-quality projects and greater sustainability, as noted in its 15th Five-Year Plan. This evolution has also seen the addition of concepts like the "Health Silk Road" during the COVID-19 pandemic.