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India boycotted the Belt and Road Forum (BRF) organised by China in May this year to highlight its concerns over Beijing pushing projects through the the PoK.
He said the US companies face the threat of intellectual property theft with reports that China has been stealing cutting-edge research as well as sensitive trade secrets from the US.
And that includes companies working in the clean energy sector who cannot compete with state-backed firms, he alleged.
Pillsbury said Chinese are offering low interest loans to countries that cannot afford it.
"We're already saw the example of Sri Lanka, which fell behind in its payments and then was the subject of coercion that if you transfer the main port here in Sri Lanka to Chinese control, we will forgive the debt. The Sri Lankans did it," he said.
There were concerns of debt burden brought in by the BRI projects after Sri Lanka opted for long-term lease of its Hambantota port for USD 1.12 billion debt swap.
"...So we are beginning to see, just through the media, what the Belt and Road Initiative may mean, Pillsbury told the lawmakers.
Senator Markey said China is challenging the very underpinnings of the global order that has brought peace and prosperity.
China has not lived up to its international obligations to help denuclearise the Korean Peninsula, he said.
"No country has greater leverage than China, which is responsible for approximately 90 per cent of North Korean trade," he noted.
Markey said, "China is challenging the international system elsewhere as well. It has constructed in violation of international law, military bases on artificial islands and disputed areas of the South China Sea."
"Through economic coercion, Beijing undermined the sovereignty of its smaller neighbours and countries including South Korea and the Philippines face Chinese retaliation for taking legal and sovereign actions in their own defence," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)