The initiative seeks to replicate the historic Silk Road trading routes through financing a series of projects across Asia, Eastern Europe and Africa. A cyclist passes by construction cranes in Xi'an, China. Laos the latest China debt trap victim. It’s a (Debt) Trap! Managing China-IMF Cooperation Across the Belt and Road Five years ago, Chinese President Xi Jinping announced his flagship foreign policy project, the Belt and Road Initiative (BRI). Ghost Cities of China is an enthralling dialogue driven, on-location search for an understanding of China's new cities and the reasons why many currently stand empty. Drawing from the work of Chinese official and analytic communities, China's Eurasian Century? The Belt and Road Initiative debt trap ‘Debt trap diplomacy’ is the accusation that China uses Belt and Road as part of a manipulative global strategy, funding major infrastructure projects in developing nations with unsustainable loans, then using the debt to gain leverage over those governments. and reduce poverty in most of these developing countries. 6 To assuage these concerns, the IMF will request greater clarity on foreign currency payments, including the details of BRI loans, before authorizing a credit line. It is already using a third of its revenue to service that borrowing. If these conditions are met, the United States should encourage IMF assistance to BRI countries to protect sovereignty and promote higher lending standards. Please be aware that this might heavily reduce the functionality and appearance of our site. Beijing funded this China-Turkmenistan pipeline for natural gas. Click to enable/disable essential site cookies. According to Michèle Flournoy, the ex-Undersecretary of Defence for the Obama administration is responsible for the widespread prevalence of the term ‘Debt Trap Diplomacy’; A term that has become synonymous with the Belt and Road initiative in the ‘free western press’. The evolution of China’s ambitious project The Belt and Road Initiative since its inception in 2013 announced by the President Xi Jinping to bring China at the centre of the world stage, paved the way for debt trap diplomacy. https://www.fairplanet.org/story/belt-and-road-initiative-advancing-china’s-debt-trap-diplomacy/. As such, it is unsurprising that the Capitalist Hegemon would oppose this scheme, for it intends to unite the ‘third-world’ in solidarity, and enrich the lives of the poor. Found insideThis book sets out to analyze how the OBOR initiative will influence the world’s geo-political and geo-economic environment, with specific regard to the ‘Belt and Road’ countries and regions. These projects aren’t generating any meaningful profits yet loans have to be serviced. CPIC Global Pakistan Overview (2020). A recent Center for Global Development report found eight BRI recipient countriesâDjibouti, Kyrgyzstan, Laos, the Maldives, Mongolia, Montenegro, Pakistan, and Tajikistanâare at a high risk of debt distress due to BRI loans. The average external debt borrowing from the BRI countries are about two thirds IMF and World Bank. As Henry Kissinger has said, the Belt and Road Initiative “is a quest to shift the world’s centre of gravity.”. More precisely, the author refers to the ‘obsolescing bargain model’ in which the more China invests in a host country, the less bargaining power, and demands for renegotiation … The initiative comprises of a series of land trade routes through the middle east, including infrastructure construction and deepening of bilateral ties between the partner nations, and China. The argument further goes that China stands to lose from the defaulting countries owing to the huge investment it has already made. China exploits rift between US and Russia to court Ukraine. Emphasizing the role of Hong Kong as an intermediary and enabler in the process, this book attempts to tackle the key practical challenges facing the BRI and anticipate how these challenges will affect the initiative’s further development ... China under the five ports initiative is modernizing the Venice, Ravenna and Trieste Italian ports, the Slovenia’s Capodistria and Fiume in Croatia which will then be interconnected by the North Adriatic Port Association (NAPA). (n.d.). ... six years before Xi Jinping introduced the Belt and Road Initiative. Initiative (BRI) is the primary source for much of its lending, with China emerging as the World’s biggest creditor, accounting for 65% of official bilateral dubplate between 2000 And 2014. This paper assesses the likelihood of debt problems in the 68 countries identified as potential BRI borrowers. 10 EURO). In 2013, during successive visits to Indonesia and Kazakhstan; Chinese President Xi Jinping announced China’s most ambitious foreign policy initiative in decades; the “One Belt, One Road” initiative. (Green BRI) The majority of the BRI’s partner nations are those left behind by Capitalism’s ‘trickle-down’ system, including much of the Global South. Belt and Road debt trap spreads to Central Asia. The Belt and Road Initiative (BRI) is a vast trade network of overland and maritime routes connecting China and as many as 70 other countries in Asia, Africa, and Europe, many of which are located along the route of the old Silk Road. China’s new Silk Road or debt-trap diplomacy? (March 29, 2018). When China was building Sri Lanka's airport in 2007, it offered the country a $361 million credit facility to boost operations and a further $1.9 billion to assist in upgrades and construction of the airport. ), fake news is disseminated to discredit China and dissuade potential partner nations. Six years since Chinese President Xi Jinping launched the New Silk Road infrastructure project dubbed BRI, a labyrinth of overland corridors and shipping lanes that make up a maritime road meant to connect Asia with Africa and Europe, more than 71 countries constituting a quarter of the global GDP have warmed up to the idea as they seek to expand their infrastructural might. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. Our analysis, however, finds a nuanced picture. Because these cookies are strictly necessary to deliver the website, refuseing them will have impact how our site functions. Five years into the Belt and Road Initiative (BRI), China faces many accusations that it is using its “debt-trap diplomacy” to hold partner states captive. You can check these in your browser security settings. Before providing aid, the IMF will require transparency into BRI loan terms, which are notoriously opaque and can burden countries with high debt.3 China has resisted international involvement in BRI, yet the foundation for cooperation already exists. Without the IMF, countries facing financial distress from BRI loans will have limited options for support outside of China and will fall deeper into debt. You are free to opt out any time or opt in for other cookies to get a better experience. Chellaney asserted that the aim of China’s Belt and Road Initiative (BRI) was to saddle small nations with debt that they could not hope to repay, “leaving them even more firmly under China’s thumb.” Since then, based on a review of just a limited number of cases and projects, many others have come up with similarly skeptical views on the BRI. Found inside – Page 1A special chapter for this Indian edition brings the book up to date on China’s involvement in the Taliban talks. In fact, the BRI may hold a different kind of risk – for China itself. At the recent BRI summit in Beijing, Chinese President Xi Jinping seemed to acknowledge the “debt-trap” criticism. Found insideThe Dragon’s Footprints: China in the Global Economic Governance System under the G20 Framework examines China’s participation in the G20; its efforts to increase its prestige in the international monetary system through the ... 0 0 0 0. by Hadeeka Taj ... China’s controversial Belt and Road Initiative is the cornerstone of its ambitious foreign policy strategy. Barbados signed cooperation documents on jointly building the Belt and Road Initiative with the Chinese side in 2019. China expects completion of the project by 2030. Managing China-IMF Cooperation Across the Belt and Road | Center for Strategic and International Studies. Click to enable/disable _gid - Google Analytics Cookie. Kenya owes $6.5 billion to China, 21.9% of its total external debt. Five years ago, Chinese President Xi Jinping announced his flagship foreign policy project, the Belt and Road Initiative (BRI). Found insideThis innovative book examines the maritime component of China’s Belt and Road Initiative (BRI), focusing on three key trade routes and addressing the question of how China protects its overseas assets. Load your wallet, click the button in the right-hand corner, go to “Top Up”, type “fairplanet”. The Beijing-led development bank was launched in 2015 and, despite some initial skepticism, the organizationâs operating procedures follow international standards.18 A majority of its projects are co-funded with Western-backed institutions and have clear documentation.19 In April 2017, the AIIB announced a memorandum of understanding with the World Bank to deepen cooperation, a framework that China can apply to discussions with the IMF on debt relief.20 Adopting these reforms will help legitimize the BRI and ease some of the economic tension between China and the United States. As the Chinese leaders claim, BRI has come to meet the challenges of time. The Indian geostrategist Brahma Chellaney is frequently credited with coining the term “debt trap diplomacy” in 2017. Click to enable/disable _ga - Google Analytics Cookie. The risks are especially acute for the small and fragile economies of the Pacific. China’s Belt and Road Initiative has raised important questions about the risk of debt problems in less-developed countries. Taking readers on a journey to China’s projects in Asia, Europe, and Africa, Jonathan E. Hillman reveals how this grand vision is unfolding. Infrastructure has been a bottleneck for industrialization of developing countries. Behind The Protests: The Truth Of Hong Kong, This is not Mulan: Hollywood’s failed attempt of cultural theft. The Indian geostrategist Brahma Chellaney is frequently credited with coining the term “debt trap diplomacy” in 2017. Nigeria's Twitter Ban: blocking the chatter from the bird app, Violent protests draw global attention to inequalities in South Africa. In Djibouti, where public debt currently stands at 80 percent of the country’s GDP - with a big share of that owned to China, the latter has set up its first overseas military base in the country, as it advances its interests in the continent. This will not be easy. Found insideA bold, eye-opening account of the coming integration of Europe and Asia Weaving together history, diplomacy, and vivid personal narratives from his overland journey across Eurasia from Baku to Samarkand, Vladivostok to Beijing, Bruno ... About the author: Shreeya Patil is a 3rd year student pursuing her BA (Pol. Australian policymakers have also fretted over China’s use of BRI infrastructure financing to grow its influence in the Pacific Islands region. If you refuse cookies we will remove all set cookies in our domain. According to the World Bank; China has already invested over $575 billion into the 70 ‘corridor countries’ that have signed onto the initiative. New Data on the “Debt Trap” Question. This well-timed book, by one of the world's leading experts, provides the first comprehensive account of China's aid and economic cooperation overseas. “Write-offs are often conceded by Beijing without a formal renegotiation process. ‘Debt Trap Diplomacy is a meme’ Brautigam, D. (2019) Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer. Bangladesh resists 'debt-trap' of China, avoids Belt and Road Initiative heavy-handedness. You’ll have to verify yourself with your phone number to avoid abuse. If you do not want that we track your visit to our site you can disable tracking in your browser here: We also use different external services like Google Webfonts, Google Maps, and external Video providers. by Frank Ching. This book is the first to develop a systematic framework to understand how political actors seek to shape order through narrative projection in this new environment. In the last few years, the question of whether China’s Belt and Road Initiative (BRI) is predatory has been ripe for debate, with some arguing the loans Beijing offers constitute a debt trap and others pointing out that the BRI is ultimately beneficial for developing countries. The truth lies somewhere in the middle, and Sri Lanka shows how. How Recipient Countries Shape China’s Belt and Road Initiative Critics of the BRI accuse China of pursuing a policy of ‘debt-trap diplomacy’: luring poor, developing countries into agreeing unsustainable loans to pursue infrastructure projects so that, when they experience financial difficulty, Beijing can seize the asset, thereby extending its strategic or military reach. As part of the BRI Initiative, China and Pakistan agreed to the construction of the ‘China-Pakistan Economic Corridor’ (CPEC) at a cost of over $60 billion. Beijing can demonstrate its commitment to addressing concerns about the BRI by partnering with the IMF to improve lending practices. Describes the effect that Asia's exploding population will have on the supply of freshwater, discusses how the scarcity of this resource will give rise to territorial disputes and security implications and proposes strategies to avoid ... SHARE. WASHINGTON—Through its Belt and Road Initiative (BRI), China has poured billions of dollars in loans into low-income countries to help build their massive infrastructure projects. Changes will take effect once you reload the page. In April, the IMF announced the opening of the Chinese funded China-IMF Capacity Development Center to help train development officials and support the BRI.16 China also unveiled its International Development Cooperation Agency in April in an effort to put BRI decisionmaking under a single agency, a decision the IMF applauded. This includes building roads, bridges, and ports. Of particular concern is the way China is funding expensive yet poor performing projects even as the recipient countries, mostly developing, struggle to service loans, which are then cancelled in exchange for strategic gains in a well-orchestrated debt-trap diplomacy. The actual origin of the terminology is a right-wing Indian Think tank called the “Centre for Policy Research” located in New Delhi. The Government of Montenegro’s request to the European Union’s Commission for help to repay the debt to the Chinese ExIm bank for the highway building serves as a new cause for accusations of China’s internationally important Belt & Road Initiative (BRI). We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. A model for serious reforms palatable to Beijing can be found within one of Chinaâs own initiatives, the Asian Infrastructure Investment Bank (AIIB). Harry G. Broadman is Managing Director and Chair of the Emerging Markets Practice at the Berkeley Research Group LLC, a member of the Johns Hopkins University Faculty, and a corporate board director. These countries will need support to service BRI loans as repayments peak and will likely turn to the IMF and other smaller lenders. China’s Belt and Road Initiative hopes to deliver trillions of dollars in infrastructure financing to Asia, Europe, and Africa. ... the Belt and Road. BRI spending in developing countries has raised serious concerns about debt sustainability. This false debt trap narrative has dominated discussion of the Belt and Road Initiative in Sri Lanka, at the expense of important questions about the wider impact of Chinese investment. Rhodium Group, a New York-based consultancy firm has found in its report tracking 40 cases of China’s debt renegotiations with 24 countries that China had pursued deferments and debt waivers in an arrangement that has seen it renegotiate $50 billion of loans in the last ten years. While working for the Obama administration, Ms. Fluornoy was partly responsible for pushing President Obama into his brutal imperialist assault of Libya. That is where the debt-trap diplomacy is playing out to the benefit of China. Ask yourself, why do 134 of the 195 UN member states, or 68% of the world (Green-BRI) now ascribe to the Belt and Road initiative? Currently, total Chinese BRI investment is estimated at over $1 trillion, more than eight-times the size of the Marshall Plan in todayâs dollars.1 When it was launched, China heralded BRI as a âgolden opportunityâ to ârevitalizeâ the region. This was done despite heavy concerns over the commercial viability of the port. Although water is essential to sustaining life and livelihoods, geostrategist Brahma Chellaney argues that it remains the world’s most underappreciated and undervalued resource. It is telling that the BRI is simply not discussed in Western media, save for the few examples that they can weaponise. Related Reading. Found insideThis book is the result of a collaborative effort among economists from China’s Peking University and the Brookings Institution. It offers in-depth analyses of these challenges and explores a number of essential questions. Found insideThe Silk Road Trap is the first book to expose just how risky this uneven partnership is for Europe. Found insideThis book analyzes the BRI through the approach of political economy and establishes the analytic framework of BRI from historical and comparative perspectives. Will Beijing approach the BRI differently in the future? Is it even capable of doing so?These are among the many questions addressed in this, Daniel Wagner's third book on China. Science) from MIT World Peace University, Pune. Besides creating 60,000 jobs in Pakistan; the Belt and Road initiative is helping the poorest and most adversely affected Global South nations with infrastructure, loans, and free trade. Experts now argue that the new strategy by China is catching more countries, especially the developing ones, off guard and there haven’t been any tangible benefits for these countries. China’s debt-trap policy is engulfing significant economies of the World. (Green BRI). In the wake of Malaysiaâs decision to cancel two large Chinese-funded projects, Beijing launched a publicity blitz to defend the BRI.11 Deputy Chairman of the National Development and Reform Commission Ning Jizhe said China should be âobjective and rationalâ when addressing debt concerns and work to facilitate international cooperation. ... but the author does not believe that the BRI is ‘debt trap diplomacy’ (Dollar, 2020). Two large bridges, port-infrastructure at Gwadar, and a liquified petroleum gas plant have already been completed under the initiative. Western diplomats see China’s Belt and Road infrastructure initiative as a “debt trap” that ensnares developing nations in predatory loan terms for dubious projects. Found insideBold and meticulously researched, How China Escaped the Poverty Trap opens up a whole new avenue of thinking for scholars, practitioners, and anyone seeking to build adaptive systems. Under the current circumstances, U.S. concerns about IMF assistance being used to bail out Chinese creditors are valid. Sign the petition to enable the poorest countries of the world to deal with the pandemic, debt-free. These countries, which are the poorest in their areas - including Djibouti, Pakistan, Mongolia, and Laos among others - owe more than half of their foreign debt to China. China's lending to countries in Africa was $152 billion between 2000 and 2018, according to the South China Morning Post, much of which was spent on Belt and Road Initiative projects. As conflicts between the United States and China appear to mount, some experts have questioned the intentions of China’s infrastructure buildup across the span of the Belt and Road Initiative (BRI). Meet the Hawkish Liberal Think Tank Powering the Kamala Harris Campaign Once you have topped up your wallet, you can support FairPlanet by donating a tiny amount. With COVID-19 vaccine hesitancy still prevalent across Zimbabwe, the gov't resorted to a mandatory vaccination policy. China is often accused of “debt-trap diplomacy” – strategically ensnaring recipient countries with loans they can’t repay. China’s Belt and Road Initiative, launched in 2013 under current President Xi Jinping, is a collection of development and investment initiatives that the nation wishes to enact around the globe. The Debt Trap of One Belt, One Road: The Price of Following China. Sanctions have even been placed on any factory that hires Uyghur workers in China by the United States, in a brutal act of repression aimed at making the Uyghur populace unemployable, and more likely to turn to radical extremism; accomplishing the CIA’s goals. Lao President Bounnhang Vorachith (L) shakes hands with Chinese President Xi Jinping (R) ahead of a bilateral meeting at Diaoyutai State Guesthouse in Beijing, May 16, 2017. Some schools of thought have hailed the new Chinese initiative as the 21st century Marshall Plan that offers an opportunity to cut trade costs, boost connectivity, and reduce poverty in most of these developing countries. Found insideThis is a critical insight into contemporary Japan and one that should shape our thinking about this vital country. This rise in Chinese soft power due to legitimate philanthropy is a direct challenge to the United States’ brutal ‘Free-Market Imperialism’ approach; which has done nothing but cause the economic and social destabilisation of the Third World. This includes Italy, the only member of the G7. Since her resignation, the author of the phrase ‘debt-trap diplomacy’ has been employed in multiple bipartisan Think Tanks, and directly as an advisor to the CIA; information publicly available on Fluronoy’s ‘Waco Conference 2018’ biography page. Up to $143 billion in loans has been extended to Africa by China between 2000 and 2017 according to researchers at the China-Africa Research Initiative based at the Johns Hopkins University in the United States. It has since expanded to include other parts[which?] Found insideChina proposed the Belt and Road Initiative in 2013 to improve connectivity and cooperation on a transcontinental scale. This study, by a team of World Bank Group economists led by Michele Ruta, analyzes the economics of the initiative. As such, they have lashed out. The Belt and Road Forum took place last week, in a context of mounting pushback against Beijing’s signature foreign policy initiative. BRI is a debt trap is American propaganda. Support our journalism, activism and global equal pay policy! Debunking Belt & Road’s Debt-Trap Diplomacy Myth. Photo: AFP/Wu Hong. Click to enable/disable _gat_* - Google Analytics Cookie. Pakistan Looking for Huge Increases in Central Asian Trade; The country was one of the first to sign a memorandum of understanding with China under its Belt and Road Initiative and has benefited from being a recipient of its funds. If the initiative follows Chinese practices to date for China’s ‘Belt and Road’ initiative: ‘Debt trap-Diplomacy’, or Friendship and Infrastructure? But China's growing concerns over the viability of schemes along the Belt and Road Initiative has left infrastructure projects in a shoddy state for poor states to try and fix. Mozambican insurgency brews problems for refugees in the region. It is hurting local industries,” said Dr. Justus Ber from the University of Nairobi Institute of Diplomacy and International Studies. (Inside Obama’s War Room, Rolling Stone, 2011). But this will always prompt you to accept/refuse cookies when revisiting our site. This site uses cookies. 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