Hey,

Gwadar sits on the Arabian Sea, 120 kilometers from the Iranian border. It has a deep-water port, a new international airport, a special economic zone, and a 43-year lease held by a Chinese state company. China has poured over $1 billion into it.

It handles almost no cargo.

The port has been operational for nearly two decades. Traffic remains far below capacity. The airport, delayed for years by security concerns and local protests, finally opened — to a city of roughly 90,000 people with unreliable electricity and no running water. The free zone, planned to cover 2,281 acres, covers 60.

On paper, Gwadar looks like a failed investment. In practice, it might be the clearest example of what China's Belt and Road Initiative is actually for.