China is pursuing ambitious plans with its “Belt and Road Initiative”—in Asia and beyond. Long-established as an economic powerhouse, the country along these New Silk Roads is also making a name for itself as a player in development policy. Many observers are already speaking of an alternative era of globalization. The West, however, remains skeptical. The fact is that relations to China shape debates and political action worldwide—reason enough to take a closer look at both the opportunities as well as the risks.