Malaysia is not alone in this. Lots of countries downstream of Chinas OBOR concept have second thoughts, and they are right to look again. The true nature of the concept starts to shine through – prolonging China’s bubble by exporting its ill effects. Bubbles always pop – it’s in their nature.
Malaysia’s abrupt cancellation of $3bn worth of China-backed pipeline projects represents probably the biggest knockback so far for President Xi Jinping’s Belt and Road initiative.