Demystifying Chinese Overseas Investment in Infrastructure: Port Development and the Belt and Road Initiative

China’s outward investment has increased tremendously in recent years and it is currently a global leader in the construction of transportation infrastructure. While its signature ‘Belt and Road Initiative’ (BRI) is often portrayed as a threat by policy makers and media in the West, this article approaches the BRI from the perspective of Beijing. We review Chinese infrastructure investment and show that rather than a monolithic strategy aimed at world domination, the BRI is driven by a range of Chinese stakeholders situated at different scales whose motives vary from achieving strategic geopolitical advantage to profit-maximization. We focus on port investments to demonstrate that the BRI accelerated an ongoing trend of increasing Chinese investment in overseas ports that began in the early 2000s. We subsequently present mini-case studies of port projects Gwadar, Pakistan and Kuantan, Malaysia, which illustrate that large Central Government state-owned enterprises (SOEs) pursue strategic objectives while SOEs situated at the province and city levels are motivated by economic incentives. All Chinese investors embrace the ‘port-park-city’ model pioneered by Shenzhen, and we highlight its potential to foster regional development. We conclude that future research on Chinese infrastructure projects should be relational, multi-scalar and multi-sited.