China’s Belt and Road program is not in retreat, although many have been predicting its untimely demise for some time. Far from shrinking, President Xi Jinping’s signature lending plan is adapting, and in doing so becoming harder to counter.

It’s shifting from financing megaprojects to becoming a long-term development partner, particularly for fast-growing economies in the Global South. Washington and its partners cannot afford to be complacent if they want to stay relevant in countries that will drive growth in the future.

© Bloomberg