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WorldPosted at: Apr 22 2016 3:40PM


Chinese ex-official says "New Silk Road" faces difficulties

BEIJING, Apr 22 (Reuters) China may be facing big financial losses from its high-profile programme of overseas investment but the policy is necessary as an outlet for excess industrial capacity, a former top government tax official has said.
The comments from Xu Shanda mark a rare public airing by a Chinese official, current or retired, of difficulties facing the "New Silk Road" programme, a key policy of President Xi Jinping aimed at helping countries build energy and transport links with the Middle East and Europe.
"In previous years, China made large investments in the energy sector. Looking at it now, these investments were useful in ensuring energy supplies, though financial losses were large," Xu wrote about the New Silk Road initiative in an article published in an online journal by the website ifeng.com.
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