Title page 1

Contents 1

Summary 1

Introduction 2

The past decade of the BRI 3

BRI 2.0 on paper 6

The BRI's decline? 9

Who's picking up the cheque for BRI companies? 12

Is the BRI any greener, cleaner or more sustainable? 18

Small, beautiful and people-centred? 21

Policy recommendations: how should the EU respond to BRI 2.0? 22

Figure 1. China-BRI trade 10

Figure 2. Cumulative value of newly signed BRI contracts 12

Figure 3. Who picks up the cheque for the CRBC? 15

Figure 4. Volume of Chinese financial flows 16

Figure 5. Bank of China overseas loan stock 17

Figure 6. World Bank contracts awarded to Chinese firms 18