The Belt and Road Initiative is slowly evolving from a mere label describing various ad hoc projects into a formal institution. The Second Belt and Road Forum underscores progress in creating multilateral architecture.

The second Belt and Road forum showed that despite persistent challenges, the initiative is an evolving one and will continue to gain international support. However, its success will depend on its ability to integrate and reconcile an increasing number of actors and interests.

Critics often claim that China is using its massive “Belt and Road Initiative” as a form of coercive “debt-trap diplomacy” to exert control over the countries that join its transnational infrastructure investment scheme. This risk, as Deborah Brautigam of John Hopkins University recently noted, is often exaggerated by the media. In fact, the BRI may hold a different kind of risk – for China itself.

It is impossible to predict the full environmental impact of the Belt and Road Initiative, so it is critical that Chinese authorities take full advantage of every opportunity to consciously build a greener Belt and Road.

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.

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.

As President Khaltmaagin Battulga’s administration plans new multilateral infrastructure projects with China and Russia, it appears to be gradually shifting away from its "Third Neighbor" relationships, chief among them its relations with the United States.

Giving priority to important institutional innovations and rule-making will not only provide opportunities for promoting China’s industrial capacity cooperation and manufacturing upgrading, but also promote a new round of prosperity-oriented growth for global trade and new globalization.

Pakistan’s deep-sea port Gwadar, which the Chinese built and are now operating under a 40-year agreement, is a key part of China’s Belt and Road Initiative. The U.S. and India are looking at the Chinese initiative with skepticism, believing that the twin initiatives are meant more to secure China’s geo-strategic aims.

Africa pins high hopes on the Belt and Road Initiative to promote African industrialization and infrastructure construction, and to turn the 21st century into an era of African development. The priorities of Washington and Beijing could be in concert here, giving the US and China historic roles to play.