After a disappointing performance in 2018, China’s economy appears to be stabilizing. In the first quarter of 2019, GDP growth, at 6.4% year-on-year, matched that of the previous quarter. But growth in industrial production exceeded expectations, expanding by 6.5% year on year (and by 8.5% in March). Even exports growth was positive, albeit weak, despite the ongoing trade war with the United States.

With the United States not offering the political and economic support Europe needs to offset China’s influence, leaders like Macron and Merkel face the challenge of retaining the multilateral global order today, while also engaging China on key economic and global issues.

Greece’s recent decision to join China’s 16+1 initiative signals that cooperation between China and the Central and Eastern European Countries (CEEC) is strengthening. While both the BRI and 17+1 should remain vulnerable to criticism, the summits are building diplomatic bridges between European nations, while simultaneously expanding China’s influence.

In Europe’s biggest capitals, there has been significant skepticism about the Belt and Road Initiative and the Chinese government’s development strategy. As Beijing seeks to push through its 16+1 economic plan, friction with Brussels will continue to mount.

China’s willingness to listen to and address the concerns of the Belt and Road Initiative member states may invite a host of requests for price cuts, in the wake of its price reduction for Malaysian infrastructure.

Every marriage has its ups and downs: decades of China-US economic cooperation have given way to friction. While any compromise entails pressure on some Chinese sectors, trade talks show the possibility of win-win outcomes and a comprehensive readjustment in bilateral ties.

China’s Belt and Road Initiative (BRI) is putting forward an alternative vision of global economic development to help developing countries escape poverty, and help developed countries head off inequality and populist challenges. But the US seems poised to squander its chance to participate and thereby shape this future of infrastructure, inclusivity, and innovation.

Driven by anxiety over the success of China’s growth model, the US under Trump has sought to apply “maximum pressure” through its trade war. However, an eventual bargain will serve to cement China’s leadership role not only in economics, but also global governance.

The new Foreign Investment Law doesn’t just cut red tape – it also constitutes a milestone in China’s progress in reform and opening-up, as the country shifts toward a new model of high-quality opening-up based on rules and institutions.

The BRI is not about transcontinental connectivity. It would be shortsighted to believe that as China’s domestic economy continues to struggle, it will prioritize investment in an idealistic vision underpinned by little economic or strategic purpose. It is time that schematic maps reflect this.