tirsdag 29. januar 2019

Malaysia Scraps $20 Billion China-Backed Train Project

Malaysia has canceled a $20 billion rail project financed by China, a minister said Saturday, citing high interest costs for the government’s decision as he offered the clearest statement that one of Beijing’s largest One Belt, One Road infrastructure initiatives would be scrapped.

Kuala Lumpur, China’s biggest trading partner in Southeast Asia after Vietnam, has pushed back against Chinese dominance in its economy since Prime Minister Mahathir Mohamad returned to power after a stunning electoral triumph in May last year, stalling billions of dollars of contracts. “We cannot afford it,” Mohamed Azmin Ali, Malaysia’s economic affairs minister, told reporters after attending a media event outside the nation’s capital.