The US-China trade war has distorted a clear-eyed view of how both par-ties arrived at the current confrontation. Rather than “hegemonic” policies being pursued by China, it is more accurate to say that both sides have delayed difficult structural reforms and are now paying the price.

Malaysia’s renegotiation of the East Coast Rail Link proved that Belt and Road Initiative projects can be significantly overpriced. This marks a dangerous trend for China, if other BRI host countries follow the path of Malaysia.

The ongoing US-China trade war and increased tariffs have raised the prospect of a long-term “decoupling” of the world’s two largest economies. But who would this breakup hurt most? A look at US and Chinese industries shows that the burden for such a harsh strategy would fall disproportionately on American firms and consumers, while failing to stop China’s economic rise.

The outcome of the US-China trade war is anticipated to be quite different from the experience of Japan in the 1980s and 1990s, due to China’s relatively lower dependence on the US and having learned from Japan’s experience.

Despite recent Belt and Road successes, including EU states joining, the China-led initiative still faces accusations of “debt-trap diplomacy.” The details of infrastructure projects in Sri Lanka and beyond, however, show that the Belt and Road is pushing for a new era of more equitable globalization based on “hard” and “soft” connectivity, without disrupting the existing rules and world order.

The U.S.-China trade war is heating up once again.

During the Second Belt and Road Initiative (BRI) Summit last month, the Chinese government notably shifted its focus and is now downplaying fears of debt encumbrance, corruption, and environmental degradation. But this should not distract us from the key fact that participation in the BRI continues to grow, including from traditional U.S. allies in Asia and Europe.

China’s latest earnings reports show that new technologies are at the center of national growth despite its slowing economy, with new energy vehicles and 5G communications equipment sellers performing especially well. Even so, China’s economy continues to suffer from softer global demand and the ongoing trade war with the U.S.

In its own statement, Beijing did not exude the same optimism.

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.