The China-Laos rail link is one of many Belt and Road projects that aim to bind the economies of Southeast Asia close to China. It left Laos saddled with huge debts but the country has enjoyed booming trade and tourist arrivals since it opened. Photo: Xinhua.
China’s Belt and Road Initiative has hit difficultly as emerging economics struggle to repay loans, forcing officials to tighten its policy on lending, Nikkei Asia has reported.
Loan recipients of China under the scheme, such as Sri Lanka, Egypt and Ghana, find themselves strapped for cash after the Covid pandemic and soaring global inflation, the report said, adding that an estimated 60% of China’s loans are now owed by nations in debt crises.
Read the full report: Nikkei Asia.
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