Beijing has spent $1 trillion to expand its influence in developing countries, but now the programme is being radically revised because of the credit debts.
The Russian and Chinese leaders speak at the SCO summit in Uzbekistan, which has brought them together with the leaders of several Asian countries.
"Moscow-Beijing tandem" plays "a key role" in ensuring global and regional stability, Russian President Vladimir Putin tells his Chinese counterpart Xi Jinping in Uzbekistan.
The moves are part of a "common pattern for Beijing", according to analysts, who fear more disruptions of agricultural and food trade can be expected in the coming days.
Nancy Pelosi met with Singapore's Prime Minister Lee Hsien Loong who urged the US official to strive for "stable" ties with China amid an escalation in tensions between Washington and Beijing over Taiwan.
At least 4,000 US and Indonesian soldiers will be joined by forces from Australia, Singapore and Japan, which is participating for the first time in the annual drills, known as "Super Garuda Shield".
Principle of sovereignty is invoked when it comes to Ukraine, but the same principle is disregarded in the case of China's sovereignty over Taiwan, says a Chinese diplomat at the UN, in a clear reference to the US without naming it.
Analysts differ in their approach: some describe the phone call as an ice-breaking event, while others foresee Beijing taking a more aggressive stance in the near future.
US officials say if House Speaker Nancy Pelosi goes to Taiwan, the military will increase its movement of forces and assets in the Indo-Pacific region as Presidents Biden and Xi prepare to talk on Thursday.
China is believed to have observed from Ukraine that "you don't achieve quick, decisive victories with underwhelming force," says CIA Director William Burns.
US military thinks Nancy Pelosi's visit to Taiwan "is not a good idea right now," President Biden says after China threatened to respond with "forceful measures" should the House speaker tour the Beijing-claimed island.
President Xi Jinping swears in Hong Kong's new leader John Lee as the Asian city celebrates the 25th anniversary of its handover from Britain to China.
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