has been investing abroad via Belt and Road and in other ways as well. I think Belt and Road probably has not been critically important for China's Ren-Men-B internationalization drive. The data that I've seen from the folks at the College of William and Mary who've done the best work on this suggests that the majority of China's Belt and Road loans have been denominated in dollars, not in its own currency, because dollars have been what foreign construction companies and the like want and use. That could be changing as we speak, but I don't see that Belt and Road has been either important for Ren-Men-B internationalization or that it has played a positive role in economic recovery and development in the recipient countries in the same way that the Marshall Plan did after World War II. We all know the stories of Sri Lanka and Pakistan and elsewhere where Belt and Road has probably unbalanced played a negative role. The stories of railways in Kenya financed by Belt and Road that carry (26/38)
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