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China's new Silk Road hits political, financial hurdles


Added 01-11-18 02:04:02am EST - “China's plan for a modern Silk Road of railways, ports and other facilities linking Asia with Europe hit a $14 billion pothole in Pakistan.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “China's new Silk Road hits political, financial hurdles”. Below is an excerpt from the article.

BEIJING –  China's plan for a modern Silk Road of railways, ports and other facilities linking Asia with Europe hit a $14 billion pothole in Pakistan.

Pakistan's relations with Beijing are so close that officials call China their "Iron Brother." Despite that, plans for the Diamer-Bhasha Dam were thrown into turmoil in November when the chairman of Pakistan's water authority said Beijing wanted an ownership stake in the hydropower project. He rejected that as against Pakistani interests.

China issued a denial but the official withdrew the dam from among dozens of projects being jointly developed by the two countries.

From Pakistan to Tanzania to Hungary, projects under President Xi Jinping's signature "Belt and Road Initiative" are being canceled, renegotiated or delayed due to disputes about costs or complaints host countries get too little out of projects built by Chinese companies and financed by loans from Beijing that must be repaid.

In some areas, Beijing is suffering a political backlash due to fears of domination by Asia's biggest economy.

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