As doubts grow over China’s vast “Belt and Road” trade infrastructure project, the EU is launching an alternative plan for Asia that it says will not saddle countries with debt they cannot repay. “Our initiative will aim at creating jobs and economic growth and benefits for the local communities,” she told reporters. Because that requires money and more money and more money,” Okano-Heijmans told AFP, saying “nobody can rival Chinese money”. Debt, digital concernsPresident Xi Jinping said earlier this month that China’s trade with Belt and Road countries had exceeded $5 trillion, with outward direct investment surpassing $60 billion. “It’s basically allowing Chinese telecoms companies to build infrastructures in these countries, gifting access to portals and e-commerce platforms, anything digital,” Le Corre told AFP.

Source: Egypt Independent September 26, 2018 04:30 UTC