After two decades courting Western investors and political allies, Mongolia is refocusing on foreign ties closer to home seeking to revive its economy.
China’s President Xi Jinping is scheduled to arrive tomorrow in the country landlocked between his nation and Russia, as Mongolia’s economic woes mount. Growth is the weakest in four years, foreign investment has plummeted, inflation is rising and the currency has plunged to a record low.
Xi’s trip to the mineral-rich nation, the first by a Chinese president in 11 years, comes ahead of the expected visit of Russian President Vladimir Putin about two weeks later. As analysts anticipate deals or negotiations from energy to infrastructure, the visits signal a pivot to Russia and China as a prolonged spat with Rio Tinto Group over Mongolia’s biggest ever investment has cooled foreign interest in the nation.
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Michael Kohn and Yuriy Humber, Bloomberg News via CHINA US Focus http://ift.tt/1mmnSa3
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