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China’s increasing influence in Europe
Why is it in news?
- Recently, China’s Premier surveyed construction of a long-sought bridge over Croatia’s Mali Ston Bay.
- It is home to China’s largest infrastructure project in Europe.
- It is built by a Chinese company with Chinese workers, and financed in large part by EU money.
More in news
- Reassurance: The reassuring language was part of a broader effort to convince increasingly sceptical European nations that China comes in peace.
- BRI in Europe: Recently, Italy and Greece formally signed on to China’s vast Belt and Road Initiative (BRI).
- Dragon head: China has already moved ahead with plans to make the Greek port of Piraeus the “dragon head” of its infrastructure push, and it has stepped up investment in Greece, which is still smarting from the austerity measures imposed by its European partners.
- Decline in Chinese investment in Europe: In 2018, there was more than $19 billion in direct Chinese investment in Europe, a decline of 40% from 2017, and more than 50 percent from the 2016 peak of around $42 billion.
Source
The Hindu