Others summarised below, I just add that in chinese it's 一带一路, terms broader than "belt" or "road" - 路 translates better as way as it can also cover sea-ways, railways etc. , 带 can also mean carry or zone, etc.. So, it implies cooperation on infrastructure projects, but was not a great choice of name for global translation.
I support developing overland transport rather than flying, for climate reasons, however it's obviously also about geopolitical deals - otherwise why would Italy be on the way from China to anywhere?