China said it would prioritize small projects and push for greater use of the Chinese currency through its Belt and Road Initiative, as leader Xi Jinping looks to inject new life into his flagship investment program amid a slowing domestic economy and global skepticism over the project’s benefits, reports Caixin. China will “give priority for the ‘small and beautiful’ projects, focus on those with small investments, quick impact, as well as sound economic, social and environmental benefits,” according to a government document laying out the 10-year vision for Xi’s “project of the century” published Friday.
The global infrastructure and trade initiative has funded an estimated $1 trillion in infrastructure investments in the decade since it was launched in 2013. But momentum has tapered off in recent years as the pandemic and China’s slowdown disrupted the global economy. Beijing has also faced accusations of being an irresponsible lender driving countries to default.
The statement was released by a government body that studies BRI-related planning and policies and coordinates efforts to implement the initiative. It reaffirmed the project’s recent shift from massive infrastructure projects.