Ten years ago, China’s multibillion-dollar infrastructure project, the “New Silk Road,” began. With this, President Xi Jinping wanted to make the Middle Kingdom the number one world power and create a monument for himself. Now the flagship project is in big trouble. Why it is so.
On September 7, 2013, Chinese President Xi Jinping launched the ‘New Silk Road’. Opening important trade routes between East and West and making the country the world’s largest power by 2049 – these are the goals of the major project in which 150 countries are participating. Ports, dams, railways, highways, pipelines: Beijing has invested a trillion dollars (!) in the past ten years. But now the investment pact is worryingly faltering. Italy leaves, 60 percent of foreign loans go bankrupt. Where has China taken a wrong turn on the Silk Road?
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
