Chinese debt has rallied this year as global investors bet that Beijing will be forced to stimulate consumer demand in the world’s second-largest economy. But the PBoC has repeatedly...
Male [Maldives]: Chinese debt trap has cast a shadow over Maldivian economy with some estimates suggesting that island nation maybe owing huge amount to Beijing. China has faced criticism...
Introduction ; Debt-trap diplomacy (DTD) could be regarded as a relatively new policy tool of specific nature that has influenced current international affairs. Nevertheless, the interesting facet of the so-called debt-trap diplomacy is its prime association with China (People’s Republic of China). According to Brahma Chellaney (2017), an Indian scholar credited for developing the term DTD in 2017 (Rana & Xianbai, 2020a), DTD is a particular Chinese foreign policy tool in the twenty-first cent...
Shimao Group has sweetened its offshore debt restructuring terms to garner support from creditors, said three sources, as the Chinese property developer scrambles to fend off a liquidation petition...
Priyanga Dunusinghe, a lecturer at the economics department at Colombo University, told This Week in Asia that the debt-trap narrative was allowed to spread because when the port was established “Sri Lanka had not created a business plan, but China had one”. Cautioning against calling the deal an example of a debt trap, Dunusinghe noted that China had inadvertently contributed to this narrative because it loaned money “excessively” for infrastructure development to Sri Lanka “without a...
China, we are told, inveigles poorer countries into taking out loan after loan to build expensive infrastructure that they can’t afford and that will yield few benefits, all with the end goal of Beijing eventually taking control of these assets from its struggling borrowers. As states around the world pile on debt to combat the coronavirus pandemic and bolster flagging economies, fears of such possible seizures have only amplified. Seen this way, China’s internationalization—as laid out in...
Perhaps the most famous example of the Chinese debt trap is the Hambantota International Port in Sri Lanka. Opened in 2010, a 70% stake of control of the port was eventually sold to Chinese...
BENN STEIL is Director of International Economics at the Council on Foreign Relations and the author, most recently, of The Marshall Plan: Dawn of the Cold War. ; BENJAMIN DELLA ROCCA is an analyst at the Council on Foreign Relations. ; Together, the authors created CFR’s CFR Belt and Road Tracker.
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