Finally, China should seize the opportunity to share global economic leadership. Beijing should point out to the Trump administration that BRI offers the potential for the sort of “deals” that President Trump appears to value and look for ways to use the program as a means to expand trade with other nations in the wake of the Trump administration’s economic retreat.

In pushing BRI, President Xi spoke of the “great rejuvenation of the Chinese nation.” That already has occurred. China accounts for half of Asia’s economic activity. The PRC is the globe’s largest merchandise trader. In recent years it has been the largest contributor to world economic growth. Total Chinese foreign direct investment is estimated at a trillion dollars.

But challenges remain to Beijing’s program, most seriously the suspicion that BRI is a political maneuver intended for the PRC’s global advantage rather than the economic benefit of others. China should address its critics.

Last month President Xi called on conference attendees to “build an open platform of cooperation and uphold and grow an open economy.” Properly structured, BRI could advance that end. Then Beijing would be well positioned to challenge the United States and Europe, as well as India and Russia, to join China’s efforts. If they took up such a challenge, much could be accomplished for the benefit of all.

Doug Bandow is a senior fellow at the Cato Institute and a former Special Assistant to President Ronald Reagan. He is the author of Foreign Follies: America’s New Global Empire.

Image: Transporter freighter ship. Pixabay/Public domain