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Senators Signal Concerns Over China's Global Investments (Wall Street Journal)
August 5, 2018
By Siobhan Hughes and Josh Zumbrun
Several US senators have raised concerns over China’s investments in several countries, including in Sri Lanka.
According to the Wall Street Journal, the US senators are pressing the Trump administration to detail what it is doing to deal with Beijing’s financing of international infrastructure projects that have left many countries indebted to China and potentially in need of bailouts.
In a letter to Treasury Secretary Steven Mnuchin and Secretary of State Mike Pompeo, the senators asked officials how they will push the International Monetary Fund to address problems arising from China’s global investment plan, the “Belt and Road Initiative.”
In March, the Center for Global Development, an internationally-focused think tank in Washington, estimated that the program had left eight countries financially vulnerable because of the large amount of borrowing they’d done for China’s projects. While the scale of the Belt and Road Initiative is considered a modest part of Chinese lending, the sums are enormous from the perspective of some of the smaller countries that are undertaking large projects.