Yet grand strategy and on-the-ground implementation are two different things. Chinese financial institutions do not want to repeat the experience of the “going out” period in the 2000s, when Chinese companies paid top dollar for foreign assets. “Our performance will evaluate our decisions,” observed one official. “Projects have to be not only strategically important but financially sound.” Many deals have been complicated to negotiate, taken longer than expected, and sometimes been rescinded or fallen apart. In recipient countries, decision makers argue among themselves about what they are
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