President Xi Jinping announced that China signed $64 billion in deals at a summit for the Belt and Road Initiative forum in Beijing last week, said the Financial Times.
The three-day event in support of Xi’s flagship foreign policy project attracted global leaders, including Russia’s President Vladimir Putin and Imran Khan, Prime Minister of Pakistan, as well as Italian Prime Minister Giuseppe Conte, whose country is the first G7 state to endorse the BRI.
China said last week it would commit to more sustainable financing standards following criticism that many BRI projects leave host countries mired in debt, with Beijing offering financing on terms that some states have struggled to maintain.
Malaysia’s government said it would resume construction of a railway line linked to the BRI after almost a year-long impasse only after China agreed to cut the cost of construction by a third and traded away a stake in its operation.
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