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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    CHINA POURS MONEY INTO IRAQ AS US WITHDRAWS FROM MIDDLE EAST

    Rocky
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    • Post n°1

    CHINA POURS MONEY INTO IRAQ AS US WITHDRAWS FROM MIDDLE EAST Empty CHINA POURS MONEY INTO IRAQ AS US WITHDRAWS FROM MIDDLE EAST

    Post by Rocky Wed 02 Feb 2022, 6:51 am

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    CHINA POURS MONEY INTO IRAQ AS US WITHDRAWS FROM MIDDLE EAST
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    [You must be registered and logged in to see this link.]2 hours ago35


    Iraq has become one of the biggest beneficiaries of Xi Jinping's Belt and Road Initiative, as China deepens its economic ties across the Middle East through billions of dollars in construction and energy contracts.
    Beijing struck $10.5 billion in new construction deals in Iraq last year, as part of its engagement toward the Middle East despite a broader decline in Chinese overseas investment.
    The findings were revealed in a report published Wednesday by the Center for Green Finance and Development at Fudan University in Shanghai.
    Beijing's efforts to foster deeper economic ties with Iraq, the second-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), coincide with a growing perception among Arab leaders that the United States is disengaging from the Middle East.
    The researchers noted that the Chinese Ministry of Commerce's five-year plan to 2025 promised investment abroad, including non-BRI projects, worth $550 billion, down 25 percent from $740 billion in 2016-2021.
    But in the Middle East and Arab countries, the level of investment and construction contracts rose by 360 percent and 116 percent, respectively, mostly in energy and transportation infrastructure.
    Christoph Nedobel Wang, director of the Center for Green Finance and Development, said researchers were "surprised" by the extent of China's engagement with the Middle East and Arab countries.
    "We thought the focus would be much more on Southeast Asia, including infrastructure," he said. But in fact it was particularly driven by Iraq and a strong shift towards Africa and the countries of the Middle East."
    China cemented its position in the region in the same year that President Joe Biden formally ended the US combat mission in Iraq and the Taliban regained control of Afghanistan after the chaotic exit of coalition forces.
    The United States maintains about 2,500 troops in Iraq, where they were an integral part of the fight against ISIS fighters, but they have moved into a training and advisory role.
    While Beijing relies on the Middle East for most of its energy imports, Arab countries are working to expand the relationship, take advantage of Chinese technology and expand trade ties with the world's second largest economy.
    Relations between Beijing and Baghdad were strengthened during the era of Adel Abdul-Mahdi, the former Iraqi prime minister, who described Sino-Iraqi relations in 2019 as ripe for a "paradigm shift".
    Iraq is already China's third largest oil exporter, but officials in Baghdad have been keen to secure Chinese investment to help modernize the deteriorating infrastructure. Many Western companies have been reluctant to invest in the country, which continues to suffer from political instability and sporadic episodes of violence, outside the oil and gas sectors.
    The new deals signed between the Chinese and Iraqi groups include the Al-Khairat Al-Kabeer heavy oil power plant in Karbala province, rebuilding the international airport in Nassiriya, and developing the Al-Mansuriya gas field near the Iranian border.
    In December, Iraq signed agreements to build 1,000 schools, the costs of which will be paid for through petroleum products.
    Xi launched the Belt and Road Initiative in 2013, but after years of rapid growth, the pace of Belt and Road lending has slowed recently.
    There was a total of $59.5 billion in Chinese financial investment and contract cooperation across 144 countries in the Belt and Road Initiative in 2021 — down from $60.5 billion in 2020, according to a report by the Center for Green Finance and Development. Contract values ​​came to $45.6 billion - up from $37 billion, as investments shrunk to $13.9 billion from $23.4 billion.
    Overall participation in the Belt and Road Initiative remains around 48 percent lower than pre-pandemic levels. Fudan University researchers did not expect the BRI to return to its peak in late 2010.
    The latest Belt and Road Initiative data came amid a renewed international debate over whether China is pushing developing countries into so-called debt traps, under which Beijing can expropriate assets when they owe money. Concern about China's growing international dominance has prompted the United States and the European Union over the past year to try to counter the Belt and Road Initiative with new international development financing efforts.
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