New evidence shows that China distributes at least twice as much development funding as the United States and other major powers, most of it from high-risk, high-interest loans from China’s state-owned banks.
I’m worried about a lot of Chinese loans. Not long ago, China received foreign aid, but now the table has changed.
Over the past 18 years, China has funded $ 843 billion, or $ 13,427, worth $ 843 billion in infrastructure projects in 165 countries, according to AidData’s Institute at the University of Virginia, William & Mary. ..
Much of this money is related to China’s Ambitious Belt and Road Strategy by President Xi Jinping. Starting in 2013, China will leverage its infrastructure projects and extensive foreign exchange experience to build new global trade routes. But critics are afraid that high-interest loans that fund many Chinese projects leave tremendous debt to unsuspecting people.
And this is news, even for the Chinese officials themselves. AidData researchers, who have been tracking all of China’s global lending and spending for four years, said Chinese ministries regularly visit them to find out how Chinese money is being spent abroad. It is said that the information is obtained.
“I’ve always heard from Chinese civil servants,’Look, you’re in the only match in town,’” explains Brad Parks, CEO of AidData. “They say,’You can’t get this data internally.’
Winding trains between China and neighboring Laos are often regarded as a good example of book lending from China.