Sunday, December 15, 2024
spot_img

Chinese investment drying up in Pakistan, Russia

Date:

Share post:

spot_img
spot_img

Shanghai, Aug 2: New investment in Russia through Chinas Belt and Road Initiative (BRI) fell to zero in the first half of 2022, while Chinese outlays in Pakistan dropped by 56 per cent during the same period, the media reported.

According to the RFE/RL, these are the findings of a new report from the Green Finance and Development Center at Fudan University in Shanghai, which point to growing headwinds facing Chinese President Xi Jinping’s signature foreign policy venture that he once dubbed “the project of the century”.

Both Russia and Pakistan have been among the top beneficiaries of Chinese development spending through the BRI.

Moscow signed deals worth about $2 billion in 2021 alone and Islamabad hosts a $62 billion collection of infrastructure and energy projects known as the China-Pakistan Economic Corridor (CPEC).

The Fudan University report highlights the changing nature of the BRI as it adapts to a combination of a strained global economy, China’s shifting position in the world, and many countries who inked deals and took out loans through the initiative now grappling with a growing debt crisis, RFE/RL reported.

BRI spending has been declining for several years as Beijing becomes more risk averse.

The report shows a total of $28.4 billion in Chinese investment across 147 BRI countries over the first half of 2022, down from $29.6 billion over the same period last year.

The BRI’s rapid expansion since 2013 has helped China become the world’s largest source of development credit, and how Beijing navigates the programme’s future will have global consequences.

IANS

spot_img
spot_img

Related articles

Political parties in Bihar have contrasting views on ‘One Nation, One Election’

Patna, Dec 15 : The debate over the contentious proposal of 'One Nation, One Election' has sparked contrasting...

Last rites of senior Congress leader EVKS Elangovan to be held in Chennai today

Chennai, Dec 15 :The funeral of senior Congress leader and former Union Minister E.V.K.S. Elangovan, who passed away...

Atul Subhash suicide: B’luru Police arrest wife from Haryana, mother and brother from UP

New Delhi, Dec 15 : Days after Bengaluru-based Atul Subhash committed suicide, his wife, her mother and brother...

BRS goes back to its roots to regain lost ground

Hyderabad, Dec 15: A year after losing power to the Congress in Telangana, the Bharat Rashtra Samithi (BRS)...