Belt and Road Is Disorganized

The piece argues China’s overseas lending lacks a central mastermind and is driven by competing state banks and firms, often at a loss. Many projects are initiated by recipient governments, and debt crises often stem from commercial bond markets, corruption, or mismanagement rather than Chinese coercion. — This reframes China’s global influence from strategic omnipotence to messy state capitalism, shifting blame and policy focus toward borrower governance and global finance dynamics.