China Overhauls Belt and Road Initiative to Address Debt and ESG Concerns
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China is revamping its Belt and Road Initiative to reduce risks like loan defaults and environmental/social concerns.
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China is now focused on helping distressed borrowers and troubled projects in developing nations.
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China has tightened ESG safeguards, reducing risk in its infrastructure portfolio.
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China's annual lending to developing countries has declined recently.
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The US and allies have ramped up lending to compete with China's initiative.