Coronavirus deals a body blow to China's grand global influence plans

The Belt and Road Initiative is aimed at building infrastructure and boosting Beijing's influence around the world

The coronavirus pandemic has dealt a body blow to China's landmark initiative for global influence domination -- the Belt and Road initiative (BRI) with most of the 142 recipient nations now seeking to renegotiate the deal.

Chinese policy advisers and bankers told the Financial Times that Beijing was considering a number of responses, including the suspension of interest payments on loans from the country's financial institutions. But they also warned against expectations that China will forgive debts outright.

"We understand a lot of countries are looking to renegotiate loan terms," said a researcher at the China Development Bank, a Chinese 'policy bank'