News Snapshot:
The multi-billion dollar Belt and Road Initiative is being revamped by China as part of the country’s attempts to rein in the risks that plagued its earlier investments, according to a new report released on Monday, The Hill reported. China has pumped billions of dollars in grants and loans into developing countries over the last ten years. That has led to allegations by the US and others that China was engaging in “debt trap” diplomacy. Making loans they knew governments would default on, allowing Chinese interests to take control of the assets. China has shifted its attention to reducing the...
