China’s Belt and Road Roars Back, Defying Predictions of a Smaller, Quieter Era

Cambodia defends China’s Belt and Road Initiative BRI as critics raise debt trap concerns, with Sun Chanthol citing investment and trade.
A toll gate on the Phnom Penh–Sihanoukville expressway, seen on April 7, 2025. (Photo: Tang Chhin Sothy/AFP)

Just a few of years ago, Chinese authorities signaled that the days of massive spending on Belt and Road Initiative projects were over and that a new, more austere era, known as “small yet beautiful” (小而美), would become the norm.

New data, however, from Australia’s Griffith University and the Green Finance & Development Center in Shanghai challenge that narrative, detailing how Chinese private and state-run companies surged overseas investment last year by 75% year-on-year to a record $213.5 billion.

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by Eric Olander

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