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International relations

Japan races China to secure Asian port rights

Tokyo on the lookout over Beijing's Belt and Road Initiative

The Chinese-built Colombo International Container Terminals towers over reclaimed land earmarked for a China-backed commercial development. (Photo by Marwaan Macan-Markar)

TOKYO -- Japan and China are snapping up rights in key Asian ports as they vie for control over a shipping route that is crucial to both of their national interests.

Sihanoukville Autonomous Port, a major Cambodian port operator, is floating 25% of its shares on the local bourse on Thursday. The Japan International Cooperation Agency plans to purchase about half that amount.

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