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China's largest property developer Country Garden unveiled Forest City - a $100bn (£78.9bn) mega-project under the Belt and Road Initiative - in 2016.
Eight years on, it stands as a barren reminder that you do not need to be in China to feel the effects of its property crisis. Currently, only 15% of the entire project has been built and, according to recent estimates, just over 1% of the total development is occupied.
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Italy has formally withdrawn from China’s global Belt and Road initiative that seeks to deepen relations with foreign countries through infrastructure investments.
Italy signed the pact in 2019 expecting a big boost to exports but hoped-for economic gains have not materialised.
Italian Premier Giorgia Meloni had previously signalled Italy's intention to withdraw from the agreement, which was up for renewal.
Can Europe's Global Gateway out-rival China's Belt and Road?
This week the EU invited 16 leaders from the developing world to mark the first Global Gateway forum – Brussels' answer to China’s Belt and Road Initiative, a massive project aimed at building infrastructure across the globe and gaining political influence.
@TheEuropeanNetwork Why "out-rival" and not "work together"? If it's -for a change- actually only about profit then you would even just have half the costs that way.