My apologies for the $2bn, I realised later that I’d got that wrong. But the $1bn (2018 accounts cost) is still 20 times the sovereign risk, and it’s not a nonsensical comparison. What you get for your money isn’t relevant. It’s what you risk losing. If China didn’t work out, they could have walked away for comparatively little loss. And they would have known by 2007 if the relationship was going to work. No delays in building a plant in China, using proven technologies and people who knew what they were doing. They’d already acquired the land from the Chinese.
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