BEIJING (Reuters) – China is expected to promote a recalibrated version of its Belt and Road initiative at a summit of heads of state this week in Beijing, seeking to allay criticism that its flagship infrastructure policy fuels indebtedness and lacks transparency.
The policy championed by Chinese President Xi Jinping has become mired in controversy, with some partner nations bemoaning the high cost of projects. Western governments have tended to view it as a means to spread Chinese influence abroad, saddling poor countries with unsustainable debt.
Initiative - Projects - Changes - Government - Countries
While most of the initiative’s projects are ongoing, some have been caught up by changes in government in countries such as Malaysia and the Maldives. Projects that have been shelved for financial reasons include a power plant in Pakistan and an airport in Sierra Leone, and Beijing has in recent months had to rebuff critics by saying that not one country has been burdened with so-called “debt traps”.
Xi launched the Belt and Road initiative in 2013, and according to data from Refinitiv https://apac1.apps.cp.extranet.thomsonreuters.biz/Apps/BRI
, the total value of projects in the scheme is at $3.67 trillion, spanning countries in Asia, Europe, Africa, Oceania and South America.
Draft - Communique - Reuters - World - Leaders
A draft communique seen by Reuters said that 37 world leaders attending the April 25-27 summit will agree to project financing that respects global debt goals and promotes green growth.
Visiting leaders will be headlined by Russia’s Vladimir Putin, as well as Prime Minister Imran Khan of Pakistan, a close China ally and among the biggest recipients of Belt and Road investment, and Prime Minister Giuseppe Conte of Italy, which recently became the first G7 country to sign on to the initiative.
United - States - Belt - Road - Delegation
The United States, which has not joined the Belt and Road, is expected to send only a lower-level delegation, and nobody from Washington.
Some Belt and Road projects “are going through a period...
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