An article in the New York Times on January 28, 2018 said China was using the WEF meeting to further extend its influence. President Michel Temer of Brazil received an unexpected offer from Beijing for Latin American nations to work closely with a Chinese initiative, known as the Belt and Road. President Temer said that he was not concerned about the rising influence in South America of China, which has increased investments in his country and extended enormous loans to Venezuela and Ecuador. He said the debts should be seen as a financial issue, not a geopolitical one. “The major concern they have is to recover the loans they gave Venezuela, they want their payment,” he said in an interview. “This was actually quite explained in the meetings we have.” He also said that he was not worried by the strong Chinese interest in acquiring stakes in Brazil’s electrical distribution and other industries. “The U.S. invests as well in Brazil.” At the same time elsewhere in Davos a senior Chinese diplomat helped introduce the Prime Minister of Pakistan at a breakfast meeting. Prime Minister Shahid Khaqan Abbasi used his talk to praise the rapidly expanding Chinese investments in his country, including to build power stations and a large port.

He dismissed recent controversy in his country over whether China’s giant construction projects were compromising Pakistan’s sovereignty, its environment or its financial stability, saying “There is no major challenge we have not been able to resolve, and the sovereignty issues are very clear.” He added that on financial and environmental issues relating to Belt and Road projects, “So far, I can tell you we are winning on both counts.”.

One of the best-attended speeches at the forum was that of Liu He, a member of China’s ruling Politburo, who promoted the Belt and Road initiative, also known as One Belt, One Road. Participants here said the Chinese initiative was already rivaling more established, traditionally American-led, international institutions.