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 billion-dollar construction and energy contracts.
Beijing struck $10.5bn in new construction deals in Iraq last year, part of a “strong shift” in its engagement towards the Middle East despite a broader downturn in Chinese outbound investment.
The findings were revealed in a report published on Wednesday by the Green Finance & Development Center at Fudan University in Shanghai and reviewed by the Financial Times.
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