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 pressure them to follow their interests. China has instead given loans at low interest rates and often allows countries to restructure or even never repay loans, unlike the neocolonial IMF.[1] China has forgiven tens of billions of dollars of debt held by African countries.[2] It has also forgiven 23 interest-free loans to 17 different countries.[1]
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
- ↑ 1.0 1.1 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.