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China Belt And Road Spending Down In First Half Of 2022
- By The Financial District
- Jul 26, 2022
- 2 min read
According to new research, China's finance and investment spending in Belt and Road countries fell slightly in the first half of 2022 compared to the previous year, with no new coal projects and zero investments in Russia, Egypt, and Sri Lanka, according to David Stanway for Reuters.
Photo Insert: Some countries have also renegotiated or rejected investment projects with China, citing debt risks.
According to research published on Sunday by the Shanghai-based Green Finance and Development Center (GFDC), Saudi Arabia was the largest receiver of Chinese investments throughout the time, receiving almost $5.5 billion.
Total financing and investment were $28.4 billion during the year, down from $29.6 billion the previous year, bringing total Belt and Road spending to $932 billion since 2013.
President Xi Jinping established the Belt and Road Initiative (BRI) in 2013, with the goal of leveraging China's strengths in financing and infrastructure development to "build a broad community of shared interests" throughout Asia, Africa, and Latin America. However, it has come under fire for the debt burden it imposes on countries, as well as other issues such as environmental degradation.
Some countries have also renegotiated investment projects with China, citing debt risks.
No new coal projects received Chinese funding during the period after Xi's pledge at the United Nations General Assembly last September to cease foreign coal finance. According to GFDC, which is part of Shanghai's Fudan University, a Chinese developer won a proposal to build a thermal power plant in Indonesia in February, and there are still 11.2 gigawatts of capacity that have already obtained finance but have yet to begin building.
According to the research, China has continued to fund other fossil fuel projects in Belt and Road countries, with oil and gas accounting for over 80% of China's overseas energy investments and 66% of its construction contracts.
