"Beijing yields as more countries become wary of Belt and Road debt trap...Myanmar has agreed to scale down a Chinese-led port project in the western state of Rakhine, slashing the initial price tag to $1.3 billion from $7.2 billion over concerns about excessive debt. The development is located in the special economic zone of Kyaukpyu, a natural harbor facing the Indian Ocean that is suited for large ships. They already have oil pipelines running to China and a port capable of docking 300,000-ton tankers. "Myanmar has been highly successful in re-negotiating the Kyaukpyu deep-sea port," said Sean Turnell, an economic advisor to State Counsellor Aung San Suu Kyi. "Myanmar?s model of dealing with Kyaukpyu could be replicated by other countries as well." Myanmar was able to reduce its financial burden while saving face for China, which intends to make the zone a key point in its Belt and Road Initiative..."