‘WORST NIGHTMARE’_ China’s plan for $1.5 trillion Belt and Road empire left in tatters by coronavirus pandemic

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‘WORST NIGHTMARE’: China’s $1.5 trillion plan for empire left in tatters
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China’s plan for $1.5 trillion Belt and Road empire left in tatters by coronavirus pandemic

China is now “facing its own worst nightmare” as its $1.5 trillion plan to exert influence around the world has been blow apart by the coronavirus.

Ben Graham @bengrahamjourno
17 comments
news.com.au 
May 24, 2020 5:14pm

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China has spent hundreds of millions of dollars in developing countries in recent years. Picture: Fred Dufour / AFP Source:AFP


China is being forced to decide whether it wants to maintain its global influence or feed its own people as the coronavirus throws a major spanner in the works of its $1.5 trillion plan to exert influence around the world.

As part of its ambitious Belt and Road Initiative to win friends and influence people, China has dished out hundreds of millions of dollars to over 126 countries in recent years in the form of cheap infrastructure loans.

The idea was to connect countries across continents on trade by creating a 6000km sea route connecting China to South East Asia, Oceania and North Africa, an element known as the “Road”.

It also wanted to create a “Belt” by building railway and road infrastructure to connect China with Central and West Asia, the Middle East and Europe.

However, the economies in many of these nations have collapsed under the strain of the global coronavirus pandemic.



China is understood to have invested $1.5 trillion dollars in the program. Picture: Supplied Source:Supplied


And, while the leaders of those countries are increasingly worried about how they’re going to pay back their Belt and Road loans, China is suffering its own economic downturn.

Professor Jane Golley an economist and director of the ANU’s Australian Centre on China in the World (CIW) said this all means the superpower has been left “facing its own worst nightmare”.

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READ MORE: https://www.news.com.au/finance/economy/world-economy/chinas-plan-for-15-trillion-belt-and-road-empire-left-in-tatters-by-coronavirus-pandemic/news-story/107ecb10835932ec04c09bc68b75c6fc


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