Beijing: China has been facing economic troubles due to the Coronavirus epidemic and its habits, which have hit the target of the world. President Xi Jinping’s dream project Belt Road Initiative-BRI is also in trouble. Beijing has no money for projects made under the BRI. Those who have done research on the Belt and Road Initiative say that China’s investment has decreased sharply in 2020. It has fallen by at least 54 percent in a year.
20% Work badly affected
According to the Kabul Times, the director-general of the International Economic Affairs Department of the Chinese Ministry of Foreign Affairs, Wang Shiang (Wang Xiaolong), said that 20 percent of BRI’s work has been severely affected. While 30 to 40 percent of the works have been adversely affected. Corona has severely affected China’s economy. Investment in BRI was $ 75 billion in 2016, which decreased to just $ 3 billion in 2020.
Pakistan also not supportive
Apart from the economic crisis, the Belt and Road Initiative has had to face many other problems. Such as corruption, lack of financial transparency, unfair credit terms, fear of debt sinking and negative social and environmental impacts. Due to all this, the future of the entire scheme is at stake. The thing to note here is that China’s evergreen friend Pakistan has also started work in only 32 out of 122 schemes under BRI. According to the Rhodium Group, an independent research organization, progress in the BRI project was slowed before Corona and Corona has worsened the situation. China’s investment has almost stagnated in the last three years.
Loan distribution is now getting heavy
China had given huge loans to many developing and poor African countries to execute their expansion plans, which are now in no position to return due to the epidemic. In such a situation, China is facing a serious economic crisis. China does not even know when it will get its money. In addition, the worsening state of the domestic economy has added to its woes. The institute that researches the BRI believes that the possibility of the Chinese President’s dream project gaining momentum again is extremely low in the near future.
