New investment in Russia through Chinas Belt and Road Initiative (BRI) fell to zero in the first half of 2022, while Chinese outlays in Pakistan dropped by 56 per cent during the same period, the media reported.
According to the RFE/RL, these are the findings of a new report from the Green Finance and Development Center at Fudan University in Shanghai, which point to growing headwinds facing Chinese President Xi Jinping's signature foreign policy venture that he once dubbed "the project of the century".
Both Russia and Pakistan have been among the top beneficiaries of Chinese development spending through the BRI.
Moscow signed deals worth about $2 billion in 2021 alone and Islamabad hosts a $62 billion collection of infrastructure and energy projects known as the China-Pakistan Economic Corridor (CPEC).
The Fudan University report highlights the changing nature of the BRI as it adapts to a combination of a strained global economy, China's shifting position in the world, and many countries who inked deals and took out loans through the initiative now grappling with a growing debt crisis, RFE/RL reported.
BRI spending has been declining for several years as Beijing becomes more risk averse.
The report shows a total of $28.4 billion in Chinese investment across 147 BRI countries over the first half of 2022, down from $29.6 billion over the same period last year.
The BRI's rapid expansion since 2013 has helped China become the world's largest source of development credit, and how Beijing navigates the programme's future will have global consequences.
--IANS
san/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app