It's in reality the Greater China Co-Prosperity Sphere.
Three main objectives:
1) Set debt traps for the countries foolish enough to allow it to happen. China lends them plenty of money, invests in a lot of projects. When they can't repay their debts, China will 'graciously' forgive their debts in exchange for taking control of a port, a mine etc. This was similar to what happened with Malaysia's 1MDB. Jho Low is still shielded by China... he could be the illegitimate son of a top CCP official.
Refer also to Australia's Darwin port.
2) Military strategic interests. Strait of Hormuz, Straits of Malacca, South China Sea, Red Sea.
3) Grateful African countries will support China in the UN... and other international institutions. How do you think Tedros got to be the head of the WHO?