Large sums of money from China "flow" into Russia, revealing the US's challenge in competing with Beijing

China spent nine times more than the United States on global infrastructure projects over the past eight years, according to a report by the US Government Accountability Office (GAO).

China outspends the US by billions of dollars in global infrastructure spending. A section of the Mombasa-Nairobi standard gauge railway in Kenya. (Source: China Daily)

This is also the challenge the US government faces when competing with China for influence in poorer countries.

From 2013 to 2021, China has lent $679 billion through the Belt and Road Initiative for projects including highways, power plants and telecommunications, the GAO report said.

During the same period, the US provided only $76 billion for similar projects.

The bulk of the money from China – $104 billion – flowed into Russia, reflecting the deepening partnership between the two countries.

The rest is used for projects such as a railway in Kenya, hydroelectric power transmission in Angola and other projects around the world , mainly in low- and lower-middle-income countries.

These investments could further enhance “China’s diplomatic and strategic leverage over host countries, as well as enhance its soft power and global reputation.”

The report also quoted aid recipient countries as saying that the Belt and Road Initiative has met their large infrastructure needs.

Source: https://baoquocte.vn/khoan-tien-lon-tu-trung-quoc-chay-vao-nga-lo-dien-thach-thuc-cua-my-trong-canh-tranh-voi-bac-kinh-286145.html