Last week, China hosted a meetting to spur one of the most ambitious global trade infrastructure initiatives in history. As leaders from across Asia, Africa, Europe and Latin America gathered in Beijing to work on details of the One Belt, One Road plan,
China`s President Xi Jinping used the summit to claim moral and practical leadership of global free trade for the second time in five months.
The OBOR plan, as might be expected, was dreamt up primarily as a way for China to continue its growth trajectory for the foreseeable future. The country has overinvested in its own infrastructure, and is afraid its traditional export markets will not support the nation`s continued growth. Its solution to both these profound crises is to offer its expertise in building infrastructure and credit from a newly-minted bank to underdeveloped nations, expanding those markets in the process.
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