A train station in Laos, which is part of the infrastructure project. Ng Han Guan / AP
China's global ambitions
The problems in China's projects cost hundreds of billions
China's huge infrastructure project "One Belt, One Road" has been beset by major problems: countries that cannot pay their debts, suspicions of corruption and other scandals. China's price tag for this has swelled enormously, writes international media with reference to a new report from the World Bank.
Between 2008-2021, China has had to pay out the equivalent of almost SEK 2,500 billion in rescue packages to partner countries in crisis, according to Reuters.
- It is about Beijing ultimately trying to save its own banks. That is why they have entered into the risky business of international bailout loans, says former World Bank chief Carmen Reinhart to the news agency.
Mark Schiefelbein / AP
Economy
Alibaba is to be split into six parts - the stock is soaring
Chinese tech giant Alibaba plans to divide the company into six individual units with responsibility for the various business areas. All of these companies will seek financing and separate IPOs may be relevant, Reuters and Bloomberg report.
- The market is the best litmus test, and each business area and company now has the opportunity to seek capital independently of each other when they are ready, says CEO Daniel Zhang in a comment.
Alibaba surges over 7 percent in Wall Street trading.
New Chinese ambassador in place in North Korea
China's new ambassador to North Korea has now taken up his post, AP reports. This is happening since North Korea reopened to foreign diplomats after the corona pandemic.
In a statement, the Chinese Foreign Ministry says that the ambassador, Wang Yajun, will develop the friendship between the neighbors "who share mountains and rivers".
China
is North Korea's main economic and political partner, but the
relationship between the two countries has recently been strained due to
closed borders during the pandemic.
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