China has scrapped a $ 20bn China Communications Construction - backed rail project . The cost of the East Coast Rail Link project was " beyond the government 's financial capability " , said an economic affairs official , noting the high interest rates that were involved in the scheme . This project was part of China 's " One Road One investment " initiative , which critics are increasingly termed " debt - trap ##ping " .
Malaysia has scrapped a $20bn China Communications Construction-backed rail project. The cost of the East Coast Rail Link project was "beyond the government's financial capability", said an economic affairs official, noting the high interest rates that were involved in the scheme. This project was part of China's "One Road One Belt" initiative, which critics are increasingly calling "debt-trap diplomacy".