Cooperative counter-hegemony, interregionalism and 'diminished multilateralism': the Belt and Road Initiative and China's relations with Latin America and the Caribbean (LAC).

This article examines the institutional rationale of China's Belt and Road Initiative for Sino-Latin American interregionalism and global multilateralism. Applying Pedersen's ideational-institutional realism approach and research on interregionalism, we provide a more nuanced analysis than mainstream realist theorising dominating research on China's foreign policies. We argue that China's interregional relations with Latin America and the Caribbean (LAC) entail a cooperative strategy to counter US hegemony in its own 'backyard'. At a cognitive level, we show that the worldviews of Chinese foreign policy elites are informed by the tenets of realism. At an institutional level, interregionalism serves as a soft balancing device. In the power dimension, China uses cooperative relations with LAC to create soft power, enhancing access to raw materials, and promoting Chinese values, worldviews, and policies to the region. Hence, China-LAC interregionalism qualifies as 'diminished multilateralism', a pragmatic variant of multilateralism that favours particularistic interests while hampering collective problem solving.