Public-Private Partnership (PPP) in the Belt and Road Initiative (BRI) for Global Infrastructure Development: Uncovering the Perceived Barriers, Drivers, and Underlying Risks

Abstract

The Belt and Road Initiative (BRI) emerged in 2013 as a flagship foreign policy by the Chinese government to drive economic growth, policy coordination and regional connectivity through infrastructure development. At its core lies a debt-financed model that has raised considerable concerns regarding a “debt trap” and sovereignty issues for participating countries. In response to these concerns, there has been an increasing call for innovative financing models, particularly through public-private partnerships (PPPs), to promote sustainable financing and ease fiscal burdens on the government. However, PPP-in-BRI research is in its nascent stages, and it is necessary to understand the underlying factors that influence its adoption. Extant studies have examined themes such as the “debt trap”, “geopolitical issues”, BRI financing”, and “soft power” from both industry and academia perspectives. To date, no systematic review has comprehensively synthesised the barriers, drivers, success factors and risks influencing public-private partnership under the Belt and Road Initiative. The study adopted an interpretivist epistemological approach, with a light touch of meta-analysis, to conduct a systematic review of PPP-in-BRI studies. A total of 27 barriers, 22 drivers, 20 critical success factors, and 23 risk factors were identified from the relevant 17 reviewed articles. The study’s findings offer a comprehensive overview of the status quo and highlight the need for further empirical research to integrate public-private partnerships within the Belt and Road Infrastructure framework.