In a major setback to China and President Xi Jinping, Australia has cancelled the controversial Belt and Road Initiative agreement.
Foreign Minister deemed the agreement to be “inconsistent with Australia’s foreign policy”
With this, the relationship between Australia and China has hit an ebb with experts warning that Canberra must be read to face a Beijing counter strike. Already Chinese officials are furious and have warned of serious repercussions.
Lowy Institute lead economist Roland Rajah said, “It has a range of options including trade and diplomatic ones. China has already targeted quite an extensive range of Australian industrial and agricultural products so much so that is running out of possible hits.”
Responding to the Australian foreign minister statement, a Chinese spokesperson said, “This is another unreasonable and provocative move taken by the Australian side against China,”.
The Belt and Road Initiative (BRI) has been Xi Jinping’s most ambitious project with China investing in trillions countries across continents.
China is already upset with Australia when it called for an independent enquiry into the origins of the COVID-19 pandemic and solidifying the QUAD.
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