China's dream is being shattered: Xi Jinping's BRI project collapses due to financial crisis

 

The Belt and Road Initiative (BRI), China's President Xi Jinping's dream, is being stifled by the downturn in the Kovid-19 epidemic. It does not have money for projects made under BRI. Many of China's businesses are sinking, while its citizens are also opposing government investment abroad.

According to the
Kabul Times, due to lack of money for schemes due to the Kovid-19 epidemic, China has reduced new loans and investments under the BRI by 54 percent to $ 4700 million from the previous year. Wang Shaolong, director general of China's Department of International Economic Affairs, recently admitted that the worsening economic situation with the Kovid-19 has affected about 40 percent of the BRI project, and 20 percent has been severely affected.

According to the study body Green Belt and Road Initiative Center, China's economy has shrunk rapidly. In 2016, China had given loans of 7500 million dollars for the BRI project, in 2020 it is reduced to 300 crores.

There were 122 projects in Pakistan, only 32 will be completed.
China is said to be the all-weather partner of Pakistan. China had declared 122 projects here under the BRI. But now it is estimated that only 32 of these will be completed. In many other developing and poor African countries, China was giving huge loans, now these countries are also not in a position to repay the money.