The "Belt and Road Oversight Act" establishes the position of Country China Officer (CCO) within U.S. embassies globally, requiring each Chief of Mission to designate a Foreign Service Officer for this role within 60 days of enactment. These CCOs are tasked with monitoring and reporting on the People's Republic of China's activities in their respective countries, specifically focusing on capital investments in critical infrastructure and projects associated with the Belt and Road Initiative (BRI). This designation and its associated duties are set to expire after 10 years.

The bill mandates a comprehensive review of BRI projects, requiring the Secretary of State to direct embassies, through their CCOs, to prepare detailed reports within 60 days. These reports must assess the host country's debt obligations to China and list known infrastructure projects financed by various Chinese entities, including:

policy banks (e.g., China Development Bank)
state-owned commercial banks (e.g., Industrial and Commercial Bank of China)
sovereign wealth funds (e.g., China Investment Corporation)
international financing institutions (e.g., Asian Infrastructure Investment Bank)

The reports must also identify BRI projects, evaluate those causing significant debt, list collateral, and detail Chinese-owned assets like telecommunications and research institutions.

Initial reports are due to the Under Secretary of State for Political Affairs within one year, who will then compile and distribute a comprehensive report to various Department of State bureaus and relevant Congressional committees. Following this initial review, embassies and the China Desk must continuously inform the Under Secretary of any new China-backed projects within 30 days of discovery. For a decade, the Under Secretary will submit annual reports to Congress, summarizing CCO findings and providing updated analyses on China's projects and influence.

Additionally, each CCO, in consultation with their Chief of Mission, must develop a comprehensive, country-specific strategy to counter the People's Republic of China's influence, including plans to address anti-American messaging. These strategies, which exclude countries with limited Chinese investment, are designed to equip all embassy personnel and will be reported on annually for 10 years. Concurrently, CCOs are required to submit annual reports for a decade detailing their country's procurement and infrastructure needs, along with an assessment of potential Chinese financing for such projects.

The bill concludes with a Sense of Congress, emphasizing the growing influence of the People's Republic of China through infrastructure projects that could have military applications. It urges the U.S. International Development Finance Corporation to prioritize providing alternative financing opportunities. This financing should focus on increasing port and airfield capacity in countries that meet investment criteria and are targets of China's Belt and Road Initiative's "predatory infrastructure development scheme."