The program lends to developing countries to finance roads, bridges, and other infrastructure projects as part of Beijing's broader efforts to expand trade and influence. While policy banks such as the Asian Infrastructure Investment Bank (AIIB) have pledged support, a large portion of financing expects to come from China's major commercial banks. Source of Demand The project has been described as China's version of the "Marshall Plan." It aims to do more than just upgrade the infrastructure of developing countries. The initiative was created partly to cultivate new markets to buy up China's large excess capacity in the steel, coal, and container shipping industries. Beijing for years has looked to cut dependency on heavy industries. But it cannot do so without simultaneous lowering economic growth rates and creating potential social instability in its poorer inland and Northeastern provinces whose economies depend on coal and steel production. Projects sponsored by One Belt, One Road provide a vehicle to sell such surplus coal and steel to developing countries, and increase utilization of maritime shipping. Repayment Question According to estimates from Fitch Ratings, total overseas loans-including One Belt, One Road-extended by Chinese banks during the first half of 2016 totaled $1.2 trillion, with commercial banks providing two-thirds of the funding.
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