World Economy

China, Myanmar Sign $7.8b in deals

China, Myanmar Sign $7.8b in dealsChina, Myanmar Sign $7.8b in deals

China has signed agreements worth $7.8b with neighboring Myanmar, as Beijing continues to assert its growing economic clout in Southeast Asia. Deals overseen by Chinese Premier Li Keqiang and Myanmar President Thein Sein on Friday included agreements to build power plants fuelled by natural gas, AFP reported. Beijing was a key backer of Myanmar’s military junta while it was under Western sanctions, but Thein Sein has increased ties with other countries including the United States since launching political reforms in 2011. In a surprise move Thein Sein in 2012 ordered work on the huge $3.6b Chinese-backed Myitsone Dam to stop after local protests, sparking anger in Beijing.