China’s plans to invest hundreds of billions of dollars in infrastructure in emerging markets could fail to deliver returns and lead to new asset-quality problems for Chinese banks, according to a report from Fitch Ratings.
The report from the agency was a rare dissenting voice among global institutions, many of which have praised the initiative.
The plan, known as “One Belt, One Road”, is one of communist party chief Xi Jinping’s signature policies. Aiming to built ports, roads and rail links stretching across much of under-developed Eurasia and Africa, OBOR has been interpreted as China’s first major attempt to lead global development and growth.
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