President Xi Jinping has said China signed $64bn in deals at a summit for the Belt and Road Initiative in Beijing, highlighting the tensions between its continued use of chequebook diplomacy to win allies and its promise to be more fiscally responsible.
China said last week it would commit to more sustainable financing standards following criticism that many BRI projects leave host countries mired in debt, with Beijing offering financing on terms that some states have struggled to maintain.
Malaysia’s government said it would resume construction of a railway line linked to the BRI after almost a year-long impasse only after China agreed to cut the cost of construction by a third and traded away a stake in its operation.
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