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Xi should bet on technology not Belt and Road

China will gain more from innovation-led growth at home than foreign infrastructure

| China

On the surface China's Belt and Road Initiative looks in rude health. In March, the huge global infrastructure scheme pushed further into Europe, signing a deal with Italy. Then last week Malaysia relaunched a multibillion Chinese-backed railway, previously canceled on cost grounds. When President Xi Jinping welcomes global leaders to his second glitzy BRI Forum in Beijing next week, he would be forgiven for feeling triumphant.

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