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China’s Belt And Road Initiave Falling Apart | BRI | Chinese Debt Trap

 

Amongst the many economies suffering from the pandemic’s distress, China’s economy has also slumped drastically. As per recent reports, lending under the BRI has come down, from USD 75 billion in 2016 to just USD 3 billion in 2020. Other problems plaguing Xi Jinping's Dream Venture are corruption, lack of financial transparency, unfair loan conditions, fears of debt-traps and adverse social and environmental impacts. As reported by The Kabul Times, China’s partner in crime, Pakistan has completed just 32 BRI Projects of the total 122 announced. Given China is working on the dipping growth rate, Beijing is likely to pump less money into the BRI projects as well.