How China multi-trillion dollar Belt and Road plan change di world?

World leaders and representatives of 130 kontris don dey gada for China as e celebrate im 10 years anniversary of im Belt and Road Initiative (BRI).

BRI na China big plan to establish two new trade routes wey go link di kontri wit di rest of di world.

Prime ministers and presidents - including Russia Vladimir Putin - dey gada for Beijing to celebrate di occasion.

Dis year summit for di Belt and Road Initiative Forum go happun 17-18 October.

Di plenty kontris wey go attend di forum na sign of di major impact wey di multi-trillion dollar initiative get around di world - and how much China as a kontri and di companies from di kontri get for abroad.

For di past 10 years, 150 kontris wey cover three quarter of di world population bin don join di initiative.

However, di intiative don face both success and failure.

Why China create Belt and Road?

China set up BRI mainly to address challenges, like overproduction and increasing cost of labour inside in economy wey dey grow fast according to analysts.

China dey run di initiative wit im three trillion dollars foreign exchange reserves, wey e bin don accumulate since di 1980s, wen im begin to focus outside im kontri as im new development approach, Professor Lawrence C Reardon, from University of New Hampshire Department of Political Science for US, tok.

Demand for Chinese construction companies bin dey drop inside di kontri, na im make dem begin look for new projects overseas.

Since President Xi Jingping take over power for 2012, im don dey promote di Belt and Road Initiative to expand markets for Chinese goods and boost di kontri rep for di world.

Companies wey China goment own, don do collabo to find cash from Chinese export fund investments.

Togeda, dem don approve many projects around di southern part of di world.

How dem take select world projects?

Over ten years, Belt and Road don expand im focus from infrastructure to include digital technology, security and sustainable development.

China don invest for more dan 3,000 projects as part of di BRI, according to official data.

Di top 15 kontris wey don collect money na Indonesia, Pakistan, Singapore, Russia, Saudi Arabia, Malaysia, di United Arab Emirates, Bangladesh, Peru, Laos, Italy, Nigeria, Iraq, Argentina, and Chile, American Enterprise Institute (AEI), tok.

Im influence reach throughout di world even as Kenya dey hope to get funds for dis summit.

China claim say dem dey select di project based on economic needs, but critics argue say im plan na to create Chinese model for global control.

"Geopolitical and diplomatic considerations dey as important as economic ones wen dem dey determine how and wia China go distribute im BRI funding", Jeremy Chan, one East Asia expert for Eurasia Group, say.

Italy na one kontri among di top 15 kontris to get funds, wey no dey too follow China vote for di UN General Assembly, Chan say.

Recently, Italy don say e wan comot from BRI.

AEI data show say BRI funds dey mostly flow to kontris wia Beijing get strong strong strategic reward for deeper relationship, like Indonesia and Pakistan.

Saudi Arabia and United Arab Emirates - two wealthy Gulf kontris - dey among di top seven biggest collectors of money from Belt and Road funding.

Dis oil-producing kontris dey give Beijing strategic tool to fight potential risks wey fit come from Western policy, like US sanctions.

Wetin don work?

Some BRI projects don really work well.

Di reason dey simple: many kontris need better infrastructure, including roads and railways.

For Indonesia, dem recently open di first high-speed railway - wey dem dey call Whoosh.

Im trains connect di Indonesia capital, Jakarta, wit Bandung, one popular tourist destination.

E reduce di travel time from 3 hours to just 40 minutes by moving like lightening at 350km/h. E fast no be small.

While some argue say Whoosh dey unnecessary becos already toll roads and cheaper train dey to take you go dia, "many people [for Indonesia] appreciate di BRI projects overall", Tauhid Ahmad, researcher for Indonesian research institute INDEF, tok.

For Laos, one railway wey connect di capital, Vientiane, wit Kunming for China Yunnan province open for 2021.

Dis railway don reduce travel time from Vientiane to Chinese-Lao border to just 3 hours, dis don make pipo reach Kunming within one day.

E get oda beta success for BRI, like di port of Piraeus for Greece, wey dem dey mostly refer to as Europe "Dragon Head".

One Chinese goment company dey now contol over 60 percent of di port and fit handle plenty number of containers from ships.

Wetin fail?

Belt and Road get some failures wey you no fit miss.

June Teufel Dreyer, na political science professor for University of Miami, e say di initiative dey suffer from poor planning, "wit loans and projects wey no fit make business gains and no adequate supervision of construction".

Global economic slowdown, plus increasing interest rates, and higher inflation don increase di dificulties wey some kontris dey face to repay dia debts to China.

Billions of dollars of loans don sour for debtors hand and development projects don dey stand still.

One example na Hambantota Port of Sri Lanka, wia goment declare bankruptcy for 2022.

Di kontri bin no fit pay back di Chinese loans, so dem hand over di port to China on 99-year lease.

Pakistan dey face di same issue as one of di major BRI participants.

Di kontri don fail to repay im debt on time and e dey find relief from di Intnernational Monetary Fund.

Some times di natinal grid gatz to off two generators to reduce fuel bill.

Beijing don recently reject Islamabad request for additional BRI fund for di China-Pakistan Economic Corridor.

Di worry sake of political instability, security risks for Chinese workers, and Pakistan creditworthiness na di reasons wey China give.

Many oda kontris, including Ethiopia and Kenya, dey deal wit similar palava.

Economists for World Bank estimate say around 60 percent of all loans wey dey connected to BRI now, involve kontris wey get financial problem.

Dis don lead to criticism of China lending practices wey dem call "debt trap diplomacy".

Wetin public dey tok?

Polls show say more and more pipo dey dey careful of China expanding influence.

For Pakistan, pipo bin get hope for beginning about BRI, as dem bin expect economic prosperity and business growth.

However, years later, e no get any serious improvement for di live of local pipo as Pakistan and China bin promise.

For Gwadar, one port city for Pakistan, dis projects don dey provoke area pipo becos dem no see any real development apart from one four lane road for di main marine drive.

Vietnam bin receive $670 million for Chinese loans for one major urban railway project for Hanoi.

However, e neva still get any new project under di BRI.

Di Cat Linh-Ha Dong railway project for Vietnam begin for 2011, but face delay and increase for costs.

Dem eventually complete am for November 2021.

Di construction time set negative example for oda infrastructure projects for di kontri and reduce pipo confidence - although e neccessary to know say di construction time for Western kotris fit dey similar if not even longer.

E be like China don recognise dis worries.

President Xi dey now campaign for "small and beautiful" projects under BRI.

In recent years, di number of new projects and di size of Chinese investments for overseas don reduce.

Looking forward, Belt and Road Initiative be like e don set to face tough challenges.

"Di question now na weda di Chinese party-state fit continue to expand di development projects, becos important kontris wey dey recieve di funds neva fit repay dia loan", Prof Reardon conclude.