Malaysian premier cancels China-financed projects
BEIJING — Multibillion-dollar China-financed projects in Malaysia have been canceled because they aren’t needed and will saddle the country with an unsustainable amount of debt, Malaysian Prime Minister Mahathir Mohamad told reporters on the final day of a visit to Beijing on Tuesday.
Mahathir said both Chinese President Xi Jinping and Premier Li Keqiang understood the reasons behind the cancellations and “accepted them.”
The projects, comprising a $20 billion East Coast Rail Link and two energy pipelines worth $2.3 billion, had already been suspended pending renegotiation.