Abstract: Under the background of B & R and the Pacific & Indian Ocean Strategies, all kinds of strategy has been proposed.And the suggestions for developing the carat canal, were thought to be very important for China to break the Malacca dilemma.Then,this paper discussed it from the perspective of strategic value, risk and so on. This paper pointed out that the value has been overestimated, the strategic risk has been undervalued. And finally, the article suggested that we’d better consider the timing and the scheduling carefully, and prepare to not develop it or think obout the alternative solutions.And it has implications for other large projects,too.