PETALING JAYA: Malaysia’s success in renegotiating with China for better contract terms on its East Coast Rail Link project may open a floodgate for the review of other projects under China’s ambitio
us Belt and Road Initiative .
The new ECRL deal may become a case study for others. And Prime Minister Tun Dr Mahathir Mohamad, who will be delivering a speech at the Second Belt and Road Summit in Beijing later this month, may be invited to share his experience in talking with China.“Malaysia’s success in renegotiating the ECRL project with China is significant as it saves Malaysia from the debt trap that Sri Lanka fell into,” says an opinion piece in Forbes.
“As such, we chose to go back to the negotiation table and call for a more equitable deal, whereby the needs of the Malaysian people would be protected,” the Prime Minister said in his five-page statement. According to Datuk Keith Li, the president of the China Enterprises Association in Malaysia, Beijing appears “prepared” to face demands for the review of terms in BRI projects.
The economic giant knows it needs to counter growing concerns that President Xi Jinping’s signature programme may burden backward BRI countries with debts. While there are economic benefits brought to countries in dire need of infrastructure and economic development, there are also complaints that most Chinese lending in BRI is on less concessional terms than offered by multinational institutions.
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