Tag: Belt Road Initiative

Xi’s dream project ‘Belt Road Initiative’ in trouble amid China’s shrinking economy
Asia, Business, China, Singapore

Xi’s dream project ‘Belt Road Initiative’ in trouble amid China’s shrinking economy

Due to China’s dwindling economy, President Xi Jinping's dream of setting a new world order seems to have come to a halt after the Covid-19 slowed down the Belt Road Initiative (BRI), pushing it towards becoming financial inviable.According to media reports, Beijing has been forced to cut back on new loans and investments under the BRI due to covid-19 induced economic troubles.According to the Green Belt and Road Initiative Centre, a research organization, Chinese investment has reduced to USD 47 billion in 2020--a whopping slump of 54 per cent in just one year.Wang Xiaolong, director-general of the Chinese Foreign Ministry's International Economic Affairs Department, said 20 per cent of the BRI projects were seriously affected while other 30-40 per cent witnessed adverse impact.China's ec