Mint Explainer: What China’s $4.5-bn investment in Sri Lanka means for India

News Snapshot:

Sri Lanka has paved the way for a $4.5 billion investment by China in Hambantota. The town, which also houses a port that was leased to a Chinese state-owned shipping company in 2017, is at the heart of India’s concerns about growing Chinese influence in New Delhi’s strategic backyard. Mint take a look at the announcement and its implication. What exactly was announced? Sri Lanka’s energy minister Kanchana Wijesekera broke the news on Monday that China’s Sinopec will be awarded a contract to establish a refinery at Hambantota Port. “Cabinet approval was granted today to award the contract to China...