A study by international development research lab AidData shows the initiative has been hit by alleged corruption scandals or cancellations in a number of countries
Shanghai — China’s vast Belt and Road Initiative is in danger of losing momentum as opposition in targeted countries rises and debts mount, paving the way for rival schemes to squeeze Beijing out, a new study showed on Wednesday.
But Xi’s “project of the century” is now facing major challenges and significant backlashes abroad, according to the study. “How these principles will be translated into operational reality is where we advocate for high international standards,” He said. The study said an increasing number of China-backed projects have been suspended or cancelled since BRI’s 2013 launch, with evidence of “buyer’s remorse” in countries as far afield as Kazakhstan, Costa Rica and Cameroon.Credit risks have also increased, with the exposure to Chinese debt now exceeding 10% of GDP in many low- and middle-income countries.
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