Project of the Century: China to prioritize small projects and boost yuan trading

China said it would prioritize small projects and boost yuan trading through the Belt and Road Initiative as Chinese President Xi Jinping looks to pump new blood into his major investment program amid a slowing domestic economy and global doubts about the benefits of the project.

“China will prioritize small projects, focusing on those that focus on small investments and have a rapid impact, as well as sound economic, social, and environmental benefits,” according to a government document outlining the vision of Xi’s 10-year “Project of the Century.”

The Global Infrastructure and Trade Initiative has attracted an estimated $1 trillion since its launch in 2013. But this momentum has declined in recent years, as China’s epidemic and slowdown have disrupted the global economy.

Beijing has also faced accusations of being an “irresponsible lender,” prompting states to default on their debts.

The document was issued by a government body studying Belt and Road planning and policy and coordinating efforts to implement the initiative.

The size of the Belt and Road Initiative deal fell to $392 million in the first half of this year, 48% lower than the peak in 2018, according to the Green Finance & Development Center.