{"id":133333,"date":"2021-09-11T13:42:17","date_gmt":"2021-09-11T08:12:17","guid":{"rendered":"https:\/\/blog.forumias.com\/?page_id=133333"},"modified":"2021-09-11T13:42:17","modified_gmt":"2021-09-11T08:12:17","slug":"growing-chinese-influence-in-sri-lanka","status":"publish","type":"page","link":"https:\/\/forumias.com\/blog\/growing-chinese-influence-in-sri-lanka\/","title":{"rendered":"Growing Chinese influence in Sri Lanka"},"content":{"rendered":"<p>Owing to Sri Lanka\u2019s strategic location at the intersection of major shipping routes, China has heavily invested in its infrastructure <em>(estimated at $12 billion between 2006 and 2019)<\/em>.<\/p>\n<p><strong>Hambantota port<\/strong>: Currently, China is the largest bilateral creditor to Sri Lanka. Unable to service its debt, in 2017, Sri Lanka lost the unviable Hambantota port to China for a 99-year lease.<\/p>\n<p><strong>Increased reliance on Chinese credit<\/strong>: Further, Sri Lanka has increasingly relied on Chinese credit to address its foreign debt burden. For instance, recent syndicated loan for budgetary support of $1.3 billion from China Development Bank and a $1.5 billion currency swap pact with the People\u2019s Bank of China this March.<\/p>\n<p><strong>China\u2019s exports to Sri Lanka<\/strong> surpassed those of India in 2020 and stood at $3.8 billion (India\u2019s exports were $3.2 billion).<\/p>\n<p>Recently, Sri Lanka passed <strong>the Colombo Port City Economic Commission Act<\/strong>. It provides for establishing a special economic zone around the port and also a new economic commission, to be funded by China.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Owing to Sri Lanka\u2019s strategic location at the intersection of major shipping routes, China has heavily invested in its infrastructure (estimated at $12 billion between 2006 and 2019). Hambantota port: Currently, China is the largest bilateral creditor to Sri Lanka. Unable to service its debt, in 2017, Sri Lanka lost the unviable Hambantota port to&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/growing-chinese-influence-in-sri-lanka\/\">Continue reading <span class=\"screen-reader-text\">Growing Chinese influence in Sri Lanka<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-133333","page","type-page","status-publish","hentry","entry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/133333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=133333"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/pages\/133333\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=133333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}