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Xi Promises To Abandon Beijing's 'Debt Trap Diplomacy'

•, By Tyler Durden

During his keynote speech at this year's Belt and Road forum, Xi pledged to crack down on corruption and institute sustainable lending controls for all BRI projects, a sign that Beijing is growing increasingly wary of the backlash to what its detractors have dubbed a 'neocolonialist project'.

According to the Wall Street Journal, "the comments mark a softening of the triumphalist tone Mr. Xi's government has used to promote the program, which has stirred disquiet at home and abroad. Foreign critics have blamed Belt and Road - Mr. Xi's vision for updating ancient Silk Road trading routes - for heaping onerous debt onto participating countries, while some Chinese say Beijing's assertive diplomacy has generated international pushback."

Going forward, Xi declared that all BRI projects would be managed "in a transparent way, and we should have a zero tolerance for corruption."

"Everything should be done in a transparent way, and we should have a zero tolerance for corruption," Mr. Xi said. He promised a "debt-sustainability framework" for Belt and Road projects and to encourage compliance with international standards in infrastructure contracting.

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