Dubbed the ‘the project of the century’ by China’s president, Xi Jinping the belt and road initiative has received a lot of criticism. There have been questions of who is going to finance the 21st century recreation of the old silk road is estimated to cost 1.3 trillion dollars and whether China is going to dominate. With already several countries signed, the project is said to promote economic integration and better global trade.
President Xi has referred to the project as the rebirth and reclaimed of China’s power in the world. According to Bloomberg the modern silk road was designed to question US dominance in the world, especially with current China- US relations and the trade war. Head of Bancassurance for Asia Pacific, Jin Lee Chubb says that “China is not to dominate in this initiative” and China will fund the project.