Political leaders from around the world, including Russian President Vladimir Putin and Prime Minister of Hungary, Victor Orban, are on their way to Beijing to join in the celebrations marking the 10th anniversary of China's Belt and Road Initiative.

The BRI was created to enhance international connectivity through investments and infrastructure projects and has achieved significant success but has also faced challenges.

Launched in 2013, the BRI has land routes that connect China to Europe, South Asia, and Southeast Asia and sea routes connecting ports in Asia, Africa, and Europe. It initially included huge state-led investments in energy and transportation projects, mainly in power plants and railways, with an estimated trillion-dollar budget.

China promised the scheme would be a win-win for everyone who took part, providing revenue and growth for Chinese companies and much-needed development for the participating countries. While that is partly true, for example, the Chinese currency has been internationalized, and it took the pressure off domestic overcapacity at the time, allowing China to gain access to vital natural resources and reducing dependence in times of geopolitical tension.

However, the massive lending to poorer countries has made China the world's biggest creditor and led to accusations of creating debt traps for those unable to repay.

China has had its reputation somewhat tarnished by its failure to cancel debt, instead opting for restructuring and extended repayment deadlines. It has also been criticized for using the scheme to tempt countries to hand over control of their resources with expensive, unaffordable projects that have undermined those nation's sovereignty.

Some projects have also become "white elephants" leaing to corruption, exploiting workers, causing environmental harm, and ultimately failing to provide the promised benefits.

China has achieved some of what it wanted by increasing its global influence and promoting itself as a worldwide leader.

Worries still exist about economic coercion, with China pressuring governments to align with its agenda, with some contract clauses affecting debtor nations' domestic and foreign policies, weakening or blocking policies critical of China, and the role in diplomacy concerning Taiwan.

In response to criticisms and concerns, China has adopted a "small and beautiful" approach, focusing on low-investment and high-yield projects, and has implemented a "digital silk road" targeted at telecommunications and digital infrastructure.

China has bigger plans for the BRI, emphasizing global fairness, inclusivity, and cooperation and creating an international community with a shared future, countering what it sees as Western-led globalization that prioritizes a winner-take-all mentality. The BRI seeks to promote connectivity and prevent a new Cold War, but whether the world will accept a Chinese-led world order remains the question.