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Regionalization Today: Belt and Road Initiative INTRODUCTION: The Belt and Road Initiative is a $900 billion dollar global infrastructure development strategy adopted by the Chinese government in 2013. Its purpose is to promote economic development and inter-regional connectivity. Several Asian nations and some European and African nations participated in this initiative. However, critics view this initiative as a new form of neocolonialism. Moreover, China's project is also viewed by critics as a way for China to put developing countries in a debt-trap diplomacy (creditor country intentionally extends excessive credit to a debtor country, with an intent to extract economic or political concessions from the debtor country when it becomes unable to honor its debt). The Philippines is a participant in the Belt and Road Initiative. During the Duterte administration, trade and cooperation deals were made, since the Initiative complements with the "Build, Build, Build" Program of President Duterte. Yet, some critics feared that having loans from the Chinese will put the country into a debt trap. References:Question: 1. explain why the Belt and Road is considered a new form of regionalization