China currently faces daunting challenges in its domestic economy. But weakness in the real estate market and consumer spending at home is unlikely to stem its rising influence abroad.
In mid-October 2023, China celebrated the 10-year anniversary of its Belt and Road Initiative, or BRI. The BRI seeks to connect China with countries around the world via land and maritime networks, with the aim of improving regional integration, increasing trade and stimulating economic growth. Through the expansion of the BRI, China also sought to extend its global influence, especially in developing regions.
