The second Belt and Road Forum, which recently drew to a close in Beijing, brought world leaders together around a uniquely ambitious, transnational initiative. The brainchild of China's president Xi Jinping is a vast and intricate series of infrastructure and development projects, connecting nations in Asia, Europe, Oceania and Africa along an overland economic belt and a maritime "silk road".
Since the plan was announced in 2013, it has grown into a truly global megaproject, leading to the presence of more than 150 countries and international organisations. This sheer scale of the event was a testament to the initiative's power. Attendees included Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Egyptian president Abdel Fattah El Sisi, Russian president Vladimir Putin and Pakistan's prime minister Imran Khan.
Mr Xi clearly stated that although the Belt and Road Initiative began in China, it now “belongs to the world”. In keeping with its core values, the UAE is at forefront of this drive for international co-operation. Sheikh Mohammed announced that deals worth Dh12.49bn had been struck between the UAE and China. Chief among them, China will invest in a Dh8.8bn storage and shipping station in Jebel Ali to export Chinese goods around the world. This venture will cement the UAE’s position as a regional hub within the Belt and Road Initiative and, in Sheikh Mohammed’s words, connect “societies, economies and people”.
Mr Xi’s project has not been immune to criticism. Concerns have been expressed that the Belt and Road Initiative is geared to work to the benefit of China, and that it will trap poorer countries, such as Sri Lanka and Pakistan, with unmanageable levels of debt. However, on Thursday the Chinese government issued debt sustainability guidelines, in order to tackle that exact problem. The new framework will allow China to assess a country’s debt risks according to markers used by the International Monetary Fund, ensuring that Belt and Road projects are profitable for all.
This is a crucial issue for Mr Xi, who sees the Belt and Road Initiative as an important vehicle for global co-operation in an era of increasing political and economic polarisation. "We need to build an open world economy and reject protectionism," he told a group of 37 world leaders, convened at the Yanqi Lake retreat, near Beijing. At a time of increasing division, it is impossible to disagree with that sentiment.
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
