Colonization by other means: #China’s debt-trap diplomacy
“There are 2 ways to conquer & enslave a country: By the sword or by debt.”
China, choosing the 2nd path, has embraced colonial-era practices & is now the world’s biggest creditor.
japantimes.co.jp/opinion/2021/0…
“There are 2 ways to conquer & enslave a country: By the sword or by debt.”
China, choosing the 2nd path, has embraced colonial-era practices & is now the world’s biggest creditor.
japantimes.co.jp/opinion/2021/0…
2) Instead of first evaluating a borrower country’s creditworthiness, including whether new loans could saddle it with an onerous debt crisis, China is happy to lend, because the heavier the debt burden on the borrower, the greater China’s own leverage becomes.
3) China leverages its state-sponsored loans to developing countries to aggressively advance its trade and geopolitical interests, with the study reporting pervasive links between Chinese financial, trade and construction contracts with other countries.
3) The latest to fall prey to China’s debt-trap diplomacy is small Laos, which recently signed a 25-year concession agreement allowing a majority Chinese-owned company to control its national power grid, including electricity exports to neighboring countries.
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