In the decades since it was first proposed, the initiative and the world around it have changed profoundly. Optimism and ambition for the BRI have been replaced by broken promises, cracked dams, and wrecked state treasuries throughout the emerging economies and trading partners who took a chance on Xi’s signature infrastructure and investment program.

Introduced as a means to fund much-needed infrastructure and connectivity, the BRI has imposed a staggering bill on the countries that signed up for it.