【Video】【Belt and Road Initiative】 BRI, a ‘debt trap diplomacy’? Former Hong Kong commerce minister Gregory So repudiated the accusation: it’s just a myth! Let the figures speak for themselves!

// With BRI, we have been flourishing and doing exceedingly well in the past 10 years//

Western countries are criticizing, that the Belt and Road Initiative is causing participating countries to fall into debt traps. Is that true?

Former Secretary for Commerce and Economic Development of Hong Gregory So Kam-leung said, “ This is a myth. This is a fabricated political gesture not really evidenced by empirical studies. The Belt and Road Initiative have really benefited many people. A lot of these infrastructure in the developing countries, the leaders I have not found any that would say anything negative about it. “

“ They will see that the Chinese side in terms of the infrastructure, has helped them to solve the short term problem. Because infrastructure is by definition must be looked at in long term. You do not reap short term benefit. So these countries find it very hard to get financing except through China. ” 

“ In fact, infrastructure is very crucial to developing their economy. Otherwise, the Biden administration would not have to spend 1.2 trillion US dollar on US infrastructure in order to develop their economy. So that's really proved the case in point. ”

Did BRI work well in the last 10 years?

“ I will say the last 10 years under the Belt and Road Initiative we have been flourishing . We are doing exceedingly well in terms of the “Five Connectivities” 

under the Belt and Road Initiative In terms of policy. 151 countries, 32 international organizations signed about over 200 agreements. In terms of collaboration, so that indicate a very high level of interest and it’s really acknowledged by the international community. In terms of infrastructure connectivity, you can see that there are a lot of projects that have been completed including highways, including ports including railroad, and electrical facilities. “Gregory So said. 

“ In terms of trade, we double our trade in 10 years under the Belt and Road Initiative. And so in terms of investment there are over 21 billion US dollars of investment last year, and that is a huge increase compared to the year before. In terms of people connectivity so many organizations, not just government to government but organization, people different bodies are so much more well connected culturally understanding each other better. ” 

" So over all, if you just look at the figure the world bank,  not the Chinese saying it’s own story but the world bank. The world bank said that the GDPunder the Belt and Road Initiativehas increased by 3.4%. Trade has increased by 4.1%, and investment has increased by 5% . By anybody's standard that is an amazing achievement. So I think we have done very well in the last 10 years. "