It is said that if someone wants to make his slave, then he has only two ways. Either be defeated in the battlefield or give him so much debt that he can never return. China is working on this policy which the world calls expansionism. The special thing is that almost the world is aware of this move of China, but still there are many countries like Pakistan or Sri Lanka which have become either the economic slaves of China or are preparing to become. China first sends its companies to occupy other countries. Then he gives loans to that country and then slowly controls it. You can understand this from the example of Sri Lanka. Along with this, China is also implicating Bangladesh in its debt trap. Pakistan’s evergreen friend Pakistan is also not untouched by this. In some African countries, the same trend of China has been seen. Therefore, many African countries are also opposing China’s ambitious project. In such a situation, the image of China is emerging like an imperialist country. Which will prove fatal for China in international politics and China will be isolated.
Also read this: China’s Annexation Around the World Part 2 | How many countries have taken possession of land in how many countries? , Teh tak
China’s cheap debt trap
China’s old formula is investment and breathtaking promises of business. Whether it is Sri Lanka or Maldives Pakistan or Nepal, it invests a lot in these countries and sells dreams of progress and then the path of this debt serves its strategic interest. Countries that fail to overcome the bad phase of economic system seek help from others for this. They get these help from global institutions and other countries such as International Monitoring Fund and World Bank. The country, which is facing the economic crisis, is given a loan to revive its economy. But IMF, World Bank and most countries impose many strict conditions along with this debt. The aim of these conditions is that the government of the country taking debt should not use this money in giving public benefits. Rather, with its help strengthen your economy. But China’s terms are the easiest among the debt -ridden countries. This loan does not have strict conditions related to most economic reforms. China’s aim is to connect the whole world with China through the Belt and Road Project. For this, he is investing in large quantities in many countries. According to media reports, he has spent around $ 85 billion. China’s ambition is now becoming aim for 42 countries.
Also read this: China’s Annexation Around the World Part 3 | Thirsty China of another land? It also expresses rights on the sea
China becomes Bhasmasura for Sri Lanka
China is a country that puts its hand on someone, makes it pauper. Because China’s debt and that country’s Kangali increases day by day and the night. A year ago, Sri Lanka’s foreign exchange reserves used to be more than $ 5 billion and it has come up to $ 1 billion. The dollar price was more than 200 Sri Lankan rupees. Sri Lanka holds a very important role in the International Trade Route. Perhaps this is the reason why between 2000 and 2020, China gave Sri Lanka about $ 12 billion as loans. China always grabbed land in lieu of debt. As he did three years ago at Hambantota Port in Sri Lanka. The geographical location of Sri Lanka gives him a strategic importance in the Indian Ocean and that is why China is keeping an eye on it.
Pakistan follows Sri Lanka
As of January 2023, Pakistan’s total debt is around 62.46 trillion Pakistani rupees (US $ 274 billion). Which is about 79 percent of Pakistan’s GDP (GDP). According to the IMF report of October 2022, Pakistan’s foreign debt is above $ 100 billion and has given more than 30 billion dollars to China.
Cambodia
China has become Cambodia’s largest source of foreign investment, especially in infrastructure and real estate projects. While these investments have contributed to Cambodia’s economic development, concerns have been expressed about the country’s growing loans and its sovereignty and potential impacts on strategic interests.
Kenya
China has invested a lot in projects like railways and ports due to efforts to develop infrastructure in Kenya. The purpose of these investments is to increase Kenya’s connectivity and economic development. However, the level of increasing debt of the country has created concerns about its ability to manage repayment and maintain fiscal stability.
Nepal
Now we will talk about such a neighboring country of India with which our bread-daughter relationship is said. Nepal signed BRI in 2017. During the Chinese President’s visit to Nepal in 2019, 20 bilateral agreements were signed. Wang Yi had said that China will make concrete progress on the viability study of railway project across the border, trans the Himalayan connecting will improve the connectivity network and will help fulfill its dream by removing Nepal’s problems. Nepal is a small nation in itself which is surrounded by India on one side and China on the other side. Since India and China have fundamentally proved to be conflicting each other, there is a strong possibility of any kind of instability inside Nepal in modern times.
16 Muslim countries bowed in front of China due to money
According to the last 15 years and the current and future which have been tied up with these countries, it has either invested about $ 1,300 billion in these Muslim countries or has been given in the form of debt. According to data from the American Enterprise Institute and the Heritage Foundation, between 2005 and 2020, China has invested a total of $ 421.59 billion in Pakistan, Indonesia, Malaysia, Nigeria, Saudi Arabia, UAE, Kazakhstan, Bangladesh, Iran, Algeria, Egypt and Turkey. Whereas, with Iran, Pakistan, Malaysia, Saudi Arabia, Bangladesh and Egypt, it has been dealt with billions of dollars in the present time and also for the future. Overall, the figure is more than $ 1.3 trillion. Therefore, in the matter of raising voice in the interest of Muslims living in China, all these Muslim countries have come in the role of ‘hostage’ of China and their speech has stopped.
China is the world’s largest bilateral lender
China is the world’s largest debt collector. The outstanding amount on it from developing countries has increased between $ 1.1TN (£ 889bn) and $ 1.5TN. The estimated 80% of China’s foreign debt portfolio in the global South is now supporting countries in financial crisis. Since 2017, China has been the world’s largest bilateral lender. Its main development banks released about $ 500 billion between 2008 and 2021. However, some of these belong to Belt and Road Pahal (BRI).