David Sacks wrote a blog post after President Biden's recent G20 Summit where he introduced the India-Middle East-Europe Economic Corridor (IMEC) intended to counter China's Belt Road Initiative, which Sacks said is not enough. Sacks is a Fellow for Asia Studies at the Council on Foreign Relations.

"...even though BRI has encountered serious setbacks, Chinese leader Xi Jinping’s signature foreign policy undertaking is not going anywhere," Sacks wrote in his blog post.

According to Sacks, President Biden announced the India-Middle East-Europe Economic Corridor (IMEC) at the G20 Summit earlier this month. IMEC is designed as a global counter to the Chinese Belt and Road Initiative (BRI) but Sacks said even a struggling BRI presents significant challenges to the United States. If successful, IMEC could become an alternative to BRI but there are many looming questions on its true capability.

Sacks writes in his blog post that the BRI grew from Xi Jinping's initial plan: "Silk Road Economic Belt.” With the addition of the “21st Century Maritime Silk Road," the BRI was established as a global initiative. Sacks said, "Under BRI, China has financed and built roads, power plants, ports, railways, and digital infrastructure." Sacks said 150 countries are tied to the BRI in some way. By establishing new trade routes, China aimed to redirect global commerce away from the United States and Western Europe towards itself, bolstering its economic growth. China also intended to leverage its economic influence to gain political leverage, influencing other nations to align with its interests, said Sacks.

Many BRI projects, lacking economic viability, have exacerbated the debt burden of heavily indebted countries, according to Sacks. This issue became more critical during the COVID-19 pandemic, resulting in debt crises in countries like Pakistan, Sri Lanka, Zambia, and Kenya, leading China to spend over $100 billion on debt relief. China is attempting to refocus the initiative on poverty reduction, healthcare, and eco-friendly development while adhering to international project development standards. However, there remains a gap between these declarations and the actual implementation of BRI projects.

Sacks believes that despite the setbacks, the BRI could potentially displace American companies, set incompatible technical standards, and push countries to align with China. Sacks said the US response has been inadequate. While initiatives like IMEC take time, reorienting the World Bank towards digital connectivity, infrastructure, and energy access could offer a more immediate response to BRI, with the United States well-positioned to lead such efforts. The Biden administration's commitment to these strategies could prove highly significant in countering BRI's influence as it continues to evolve.