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The '''Chinese debt-trap''' or '''debt-trap diplomacy''' is a Western media propaganda accusing the [[People's Republic of China]] of handing unpayable loans to periphery countries to | The '''Chinese debt-trap''' or '''debt-trap diplomacy''' is a Western media propaganda accusing the [[People's Republic of China]] of handing unpayable loans to periphery countries to build expensive infrastructure with the goal of seizing the countries' assets as payment for their debts. It has been debunked extensively by [[United States of America|Statesian]] professors Deborah Bräutigam and Meg Rithmire.<ref>{{News citation|author=Deborah Brautigam, Meg Rithmire|newspaper=The Atlantic|title=The Chinese ‘Debt Trap’ Is a Myth|url=https://www.theatlantic.com/international/archive/2021/02/china-debt-trap-diplomacy/617953/}}</ref> the myth is told as China using and deception to goad poorer countries into taking out loan after loan after loan that they can’t | ||
As states around the world pile on debt to combat the [[COVID-19 pandemic|coronavirus pandemic]] and bolster flagging economies, fears of such possible seizures have only amplified by [[bourgeois media]]. | |||
China has instead given loans at low interest rates and often allows countries to restructure or even never repay loans, unlike the [[Neocolonialism|neocolonial]] [[International Monetary Fund|IMF]].<ref name=":9">{{Web citation|author=Amanda Yee|newspaper=[[Liberation News]]|title=Why Chinese ‘debt trap diplomacy’ is a lie|date=2022-12-19|url=https://www.liberationnews.org/why-chinese-debt-trap-diplomacy-is-a-lie/|archive-url=https://web.archive.org/web/20221220062314/https://www.liberationnews.org/why-chinese-debt-trap-diplomacy-is-a-lie/|archive-date=2022-12-20|retrieved=2022-12-23}}</ref> China has forgiven tens of billions of dollars of debt held by African countries.<ref>{{Web citation|author=Shang Guan Jie Wen|newspaper=China and the New World|title=China Forgives Tens of Billions of Dollars in Debt for Africa|date=2022-02-23|url=https://chinaandthenewworld.wordpress.com/2022/02/23/china-forgives-debt-in-africa-in-massive-amounts/|archive-url=https://web.archive.org/web/20220223061528/https://chinaandthenewworld.wordpress.com/2022/02/23/china-forgives-debt-in-africa-in-massive-amounts/|archive-date=2022-02-23|retrieved=2022-05-10}}</ref> It has also forgiven 23 interest-free loans to 17 different countries.<ref name=":9" /> | |||
The economist [[Yanis Varoufakis]] discussed the topic in a recent lecture given at the Cambridge forum. He helpfully debunks a number of myths on the matter. | The economist [[Yanis Varoufakis]] discussed the topic in a recent lecture given at the Cambridge forum. He helpfully debunks a number of myths on the matter. | ||
Revision as of 18:58, 23 December 2022
The Chinese debt-trap or debt-trap diplomacy is a Western media propaganda accusing the People's Republic of China of handing unpayable loans to periphery countries to build expensive infrastructure with the goal of seizing the countries' assets as payment for their debts. It has been debunked extensively by Statesian professors Deborah Bräutigam and Meg Rithmire.[1] the myth is told as China using and deception to goad poorer countries into taking out loan after loan after loan that they can’t
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 by bourgeois media.
China has instead given loans at low interest rates and often allows countries to restructure or even never repay loans, unlike the neocolonial IMF.[2] China has forgiven tens of billions of dollars of debt held by African countries.[3] It has also forgiven 23 interest-free loans to 17 different countries.[2]
The economist Yanis Varoufakis discussed the topic in a recent lecture given at the Cambridge forum. He helpfully debunks a number of myths on the matter.
References
- ↑ Deborah Brautigam, Meg Rithmire. "The Chinese ‘Debt Trap’ Is a Myth" The Atlantic.
- ↑ 2.0 2.1 Amanda Yee (2022-12-19). "Why Chinese ‘debt trap diplomacy’ is a lie" Liberation News. Archived from the original on 2022-12-20. Retrieved 2022-12-23.
- ↑ Shang Guan Jie Wen (2022-02-23). "China Forgives Tens of Billions of Dollars in Debt for Africa" China and the New World. Archived from the original on 2022-02-23. Retrieved 2022-05-10.