I’m a bit late to write up a solid article in the Financial Times: China pulls back from the world: rethinking Xi’s ‘project of the century.’ It discusses how China has substantially dialed down its once much-trumpeted Belt and Road initiative, in which it planned to fund massive infrastructure projects, largely along the former Silk Road, so as to provide land routes for exports and imports. It looked to be a geopolitical masterstroke, simultaneously reducing China’s exposure to having the US mess with China’s trade in the China Sea and other naval choke points; creating a co-dependency sphere (similar to what the US has with NATO) via directly funding important development projects in emerging economies.
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Publishing date: Dec 14, 2020 • December 15, 2020 • 7 minute read • Lending by the Chinese financial institutions that drive the Belt and Road, along with bilateral support to governments, has fallen off a cliff, and Beijing finds itself mired in debt renegotiations with a host of countries. Photo by Jason Lee /REUTERS
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It has not taken long for the wheels to come off the Belt and Road Initiative. As recently as May 2017, China’s leader Xi Jinping stood in Beijing before a hall of nearly 30 heads of state and delegates from over 130 countries and proclaimed “a project of the century”.
This was not hyperbole. China has promised to spend about US$1 trillion on building infrastructure in mainly developing countries around the world and finance almost all of this through its own financial institutions. Adjusted for inflation, this total was roughly seven times what the U.S. spent through the Marshall Plan to rebuild Europe after the second
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Big Read - China pulls back from the world: Rethinking Xi s project of the century
12 Dec, 2020 04:00 PM
8 minutes to read
Chinese President Xi Jinping speaks during a plenary session at the Eastern Economic Forum in Vladivostok, Russia, 2018. Photo / AP
Chinese President Xi Jinping speaks during a plenary session at the Eastern Economic Forum in Vladivostok, Russia, 2018. Photo / AP
Financial Times
By: James Kynge in Hong Kong and Jonathan Wheatley in London It has not taken long for the wheels to come off the Belt and Road Initiative. As recently as May 2017, China s leader Xi Jinping stood in Beijing before a hall of nearly 30 heads
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