NY Times The $2.2 billion project will feed river water to eight giant Chinese turbines designed to produce enough electricity to light more than a third of Ecuador. By CLIFFORD KRAUSS and KEITH BRADSHER
'Near the port of Manta on the Pacific Ocean, Chinese banks are in talks to lend $7 billion for the construction of an oil refinery, which could make Ecuador a global player in gasoline, diesel and other petroleum products.
the country in villages and towns, Chinese money is going to build
roads, highways, bridges, hospitals, even a network of surveillance
cameras stretching to the Galápagos Islands. State-owned Chinese banks
have already put nearly $11 billion into the country, and the Ecuadorean
government is asking for more.
'Ecuador, with just 16 million people, has little presence on the global
stage. But China’s rapidly expanding footprint here speaks volumes about
the changing world order, as Beijing surges forward and Washington
gradually loses ground.
China has been important to the world economy for decades, the country
is now wielding its financial heft with the confidence and purpose of a
global superpower. With the center of financial gravity shifting, China
is aggressively asserting its economic clout to win diplomatic allies,
invest its vast wealth, promote its currency and secure much-needed
represents a new phase in China’s evolution. As the country’s wealth
has swelled and its needs have evolved, President Xi Jinping and the
rest of the leadership have pushed to extend China’s reach on a global
currency, the renminbi, is expected to be anointed soon as a global
reserve currency, putting it in an elite category with the dollar, the
euro, the pound and the yen. China’s state-owned development bank has
surpassed the World Bank in international lending. And its effort to
create an internationally funded institution to finance transportation
and other infrastructure has drawn the support of 57 countries,
including several of the United States’ closest allies, despite
opposition from the Obama administration.
the current stock market slump is unlikely to shake the country’s
resolve. China has nearly $4 trillion in foreign currency reserves,
which it is determined to invest overseas to earn a profit and exert its