Economic Update: China’s Response to Panama’s Belt and Road Withdrawal
China has expressed its disappointment regarding Panama’s recent decision to withdraw from the Belt and Road Initiative (BRI) and the associated Chinese Infrastructure Road project. The Chinese government is urging Panama to reconsider and “make the right decision.”
The Chinese Foreign Ministry released a statement indicating that Foreign Secretary Zhao Cheyuan convened with the Panamanian ambassador to China to formally communicate the country’s surprise at this unexpected move.
Zhao articulated Beijing’s deep regret over Panama’s choice, asserting that this action “does not serve the vital interests of Panama.”
The statement concluded with a hope that Panama would resist external pressures and arrive at a decision that aligns with the broader context of bilateral relations and long-term interests of both nations.
The Belt and Road Initiative represents a significant global infrastructure strategy, serving as a cornerstone of Chinese President Xi Jinping’s ambition to enhance China’s international influence. The initiative entails the development of various facilities and infrastructure, including parks, roads, and railways, particularly in developing nations, while also ensuring the security of China’s supply chains.
Panama’s withdrawal coincided with a recent visit from U.S. Secretary of State Marco Rubio, aimed at addressing what the U.S. perceives as growing Chinese influence over the Panama Canal.
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