News Analysis China’s leadership in Beijing must feel as though the world of finance has ganged up on them. Especially since they spent so many years sitting atop a rapidly growing economy with strong national finances, recent setbacks must have shocked them. First came the news that property developer Evergrande could not manage its debt obligations. And with it clear that this matter would not resolve itself and strong signs that Evergrande is not alone, China’s financial system has suddenly come under threat. Now it appears that things are not going as smoothly as expected in China’s Belt and Road Initiative (BRI). Especially because the client states working with China may fail to meet their debt obligations, the project has added considerably to Beijing’s financial headaches. The BRI was supposed to enhance China’s global influence and stature. Through it, Beijing approached poorer countries with offers to help them realize needed …
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