Malaysia's leader has suspended multibillion-dollar construction projects financed by Chinese loans.
BLOOMBERG.COM
Malaysia Hopes China Will Sympathize With Its Fiscal Woes
Pool photo by How Hwee Young| • Rethinking Chinese-backed projects. | ||||||
| Malaysia’s new leader, Mahathir Mohamad, wraps up a five-day trip to Beijing today in which he has tried to free his country from some of its $250 billion of debt, some of it owed to Chinese companies. | ||||||
| “We do not want a situation where there is a new version of colonialism happening because poor countries are unable to compete with rich countries,” he said Monday, after meeting with Premier Li Keqiang. | ||||||
Malaysia once led the pack in courting investment from China. Now, our correspondent writes, “it’s at the front of a new phenomenon: a pushback against Beijing as nations fear becoming overly indebted for projects that are neither viable nor necessary — except in their strategic value to China.”
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