No part of the Gatestone website or any of its contents may be reproduced, copied or modified, without the prior written consent of Gatestone Institute. The sheer amount of Chinese lending is startling. This inaction means that in the emerging US-China rivalry in Africa, China is far ahead. Some African shave already expressed their alarm at the harm to their economy, employment and resources caused by China and its BRI projects. At the time, experts said that if the dispute goes unresolved it could seriously damage relations between communities living along the two nations shared border. Taken individually, these "nations" would account for eight of the 20 most populous countries in the world. . Sun Tzu stated, "The supreme art of war is to subdue the enemy without fighting. Please limit comments to 300 words or less. Jace Zhang reported from Beijing, and Alex Smith reported from London. This is certainly correct and true. However, attitudes vary widely within the Asia-Pacific region. The editors reserve the right not to publish comments containing: incitement to violence, profanity, or broad-brush slurring of any race, ethnic group or religion. Starting in 2013, it leverages China's expertise in infrastructure projects, and ample foreign currency, to build new global trading routes. Much of this money is linked to Chinese President Xi Jinping's ambitious Belt and Road strategy. China's presence and activities in Africa are not new. China: Big spender or loan shark? - BBC News For non-U.S. data, we draw on nationally representative surveys of 20,944 adults from Feb. 14 to June 3, 2022. 2023 Gatestone Institute. In the past, Western countries were guilty of dragging African countries in particular into debt. China-North Korea relations can be described as complicated at best. industries; and "Economy and Society", which It will be very near impossible for the US or others to catch up on that, especially with the planned B3W initiative, because that initiative is not focused on much-needed tangible investments. They don't need or want preachers to tell them how to behave, to explain democracy to them. "I'm sceptical that Western initiatives will make much of a dent in the Chinese programme," says David Dollar, senior fellow at the Brookings Institution and the former US Treasury representative in China. Conversely, more people in Malaysia and Singapore hold favorable views of China than the U.S. The articles printed here do not necessarily reflect the views of the Editors or of Gatestone Institute. The initiative, however, comes across as far too little, too late. However, China's overall lending commitments are likely to be significantly greater than these figures suggest. New data this week said that China will soon no longer be the world's most populous country. As we mentioned in our previous post, the US has offered a latest estimate of Russian troops killed in Ukraine. According to World Bank data analyzed by Statista. world relating to economic and political issues as well as And 3) Forecasters of global economic activity are missing an important swing factor influencing aggregate global demand. (+1) 202-419-4300 | Main It is beyond comprehension how come the West has remained indifferent and overlooked the sinister colonization model China is building in Africa. wonders Anna Gelpern, a Georgetown law professor who was involved in an AidData study earlier this year examining Chinese development loan contracts. The notable exceptions are Hungary and Italy, where those on the right are more likely than those on the left to see China favorably. After the Ukraine conflict has been stabilized and Putin has been forced out of power (eliminated) Russia will be reduced to a second rate power at best (with nuclear weapons) with only its petroleum products to sell to Europe. As a result, private investors and other competing creditors may underestimate the risk of default on their claims. April 11, 2022 at 5:00 am. In November, Chinese vessels blocked and used water cannons on two Philippine supply boats that were heading to a disputed shoal occupied by Filipino marines in the South China Sea, The Guardian reported. China is taking over Zambia's National Assets, but the Nightmare is (Image source: U.S. Africa Command Public Relations). Surveys were conducted face to face in Hungary, Poland and Israel and online in Australia. A twisting railway running between China and the neighbouring country of Laos is often touted as a prime example of China's off-the-books lending. It particularly takes issue with the building airstrips and hangars, as well as stationing anti-aircraft and anti-missile systems in the Spratly Islands, Deutsche Welle said. Widely regarded as an economic miracle, China embraced widespread centralized economic reforms, averaging a GDP growth of 10% annually and lifting half of its 1.3 billion people out of poverty . It is a subsidiary of The Pew Charitable Trusts. China's economic and diplomatic engagements allow it to buttress autocracies and change international norms in a patient effort to claim their second continent." On board the worlds last surviving turntable ferry. Since 2013, Argentina, Mongolia, Pakistan, Russia and Turkey all have made use of their RMB swap lines in periods of market distress. "Confidentiality agreements are very common in international commercial loans", says Professor Lee Jones at Queen Mary University of London. "America cannot ignore Africa. While China has offered to negotiate, Philippines has said these territories are non-negotiable and have always been part of their country. Coronavirus: The world in lockdown in maps and charts - BBC News Research by AidData, an international development body at William & Mary University in the US, finds that half of China's lending to developing countries is not reported in official debt statistics. At the time, the wall was often framed as an attempt by China to keep dissidents from fleeing the country, The Diplomat said. 2) Private sectors will misprice debt contracts, such as sovereign bonds, if they fail to grasp the true scope of a governments debts a problem thats compounded by the collateral clauses in many Chinese official loans, meaning that China will get preferential treatment when it comes to repayments. China does not report on its international lending, and Chinese loans literally fall through the cracks of traditional data-gathering institutions. on two sectors: "Media and Technology", updated This control threatens the ability of U.S. companies to access key supplies.". Summary. Eventually, if debtors are unable to service their debts, China takes over its collateral which is mostly in national assets. In March alone, Chinese Foreign Minister Wang Yi held bilateral talks with his African counterparts in Algeria, Egypt, The Gambia, Niger, Somalia, Tanzania and Zambia. . views, likes, loves, comments, shares, Facebook Watch Videos from Prime Television Zambia: NEWS OF THE WEEK || 30 APRIL 2023 China is now Africa's largest trade partner. For example, if a nation indebted to China turns to the IMF, officials should be aware that any funds the IMF disburses may be used to pay another official creditor, China, rather than be used to blunt market strains. If China was to take over Taiwan, . The History of Territorial Occupation by China and Its - JURIST January 02, 2022 06:30 AM. They're not welcome in China though. As a result, nations facing financial strains can turn to China before the international financial institutions, including the IMF. Also in March, Chinese President Xi Jinping had a phone conversation with South African President Cyril Ramaphosa, during which the two spoke about deepening cooperation between the two countries. Well over 100 countries worldwide had instituted either a full or partial lockdown by the end of March 2020 . Read about our approach to external linking. At the end of 2021, of the 98 countries for whom data was available, Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China. China and Japan have repeatedly clashed over a group of uninhabited islands called the Senkaku Islands in Tokyo, the Diaoyu Islands in Beijing and theTiaoyutai Islands in Taiwan. 2023 BBC. The Paris Club used to hold the majority of low-income countries debt before it was restructured and largely forgiven after the turn of the millennium for qualifying, developing countries. Today, Chinese lending is substantial across the globe. Instead, its four focus areas are climate, health and health security, digital technology, and gender equity and equality. internet, telecommunications and consumer electronics But officials in Beijing have in fact long been concerned that their nations porous borders with Myanmar are facilitating drug production and trafficking in all manner of contraband, as well as providing an outlet for illicit capital flows. The IMF and the WB do basically the same thing that the China CCP does as far as debt traps go. Gatestone also reserves the right to edit comments for length, clarity and grammar, or to conform to these guidelines. But the billion dollar project using loans and contractors from China became mired in controversy, and struggled to prove viable, leaving Sri Lanka saddled with growing debts. Failing to account for these hidden debts to China distorts the views of the official and private sectors in three material ways. One would think that by now the globalist fools of the World Economic Forum (not to mention our own government) would have realized the absolute folly of engaging with such a totalitarian regime devoted to world dominance. BUT it was visible to any intelligent human being since at least 15 years ago. Many of Chinese premier Xi Jinpings disputes centre on control of the South China Sea. AidData tallied underreported debt amounting to $385bn. please include a backlink to the respective infographic URL. "Their message is: 'You're going to repay us before anyone else because we're the only ones asking for this prized possession'. Copyright 2023 Gatestone Institute. For generations I have heard in America that all of the problems in Africa are because of (white) colonialism. These Africans spoke German, knew Germany, but rather than thanking Germans for being a different culture, they still blamed the Germans. South Korea is the only place surveyed where younger people have more negative views of China and more positive views of the U.S. than their older counterparts. And all the Germans remained obediently silent, accepting their truth. The population is important, so is talent, he told a daily briefing this week. China is making substantial investment in ports and pipelines worldwide Now it's desperately trying to arrest a falling birthrate that means that as in many Western countries a shrinking young population will struggle to support a growing number of retirees. Contact: info@gatestoneinstitute.org Here's a thought: Let the European Union deal with Africa and let the United States deal with South America. Chinese Communist Party officials have unveiled an "action plan for cooperation" with Latin American countries that amounts to a "comprehensive" plan to . Most of the major industrialised nations share information about their lending activities through membership of what's known as the Paris Club. The hostility, which triggered an angry protest from Manila, was the latest flare-up in the South China Sea, with China claiming virtually the entire waterway and transforming seven disputed shoals into missile-protected island bases. Gatestone Institute is a 501(c)3 not-for-profit organization, Federal Tax ID #454724565. That is reportedly "$8 billion more than what the other top eight lenders combined, including the World Bank, African Development Bank, and the US and European development banks, contributed." Ukraine war latest: 'Explosion derails train' in Russia - Sky News China grows its military while we worry about diversity, inclusion and the proper fit of pregnancy uniforms. Can I integrate infographics into my blog or website? Beijing began raising the question of sovereignty over the islands in the the 1970s when evidence of oil reserves in the regionsurfaced. The BBC reported at the time that, according to the Global Times, there had been several clashes between Inner Mongolians and residents of Gansu province in the area. VideoOn board the worlds last surviving turntable ferry, I didnt think make-up was made for black girls, Why there is serious money in kitchen fumes. In 1950, China enforced a long-held claim on the Himalayan country and incorporated it with its own territory. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. . China's lending to other countries jumps, causing 'hidden' debt - CNBC Whether such a process will be available for Chinese debt is unclear. The required repayment period for a Chinese loan is also generally shorter - less than 10 years, compared to around 28 years for other lenders' concessional loans to developing countries. This is not necessarily the case for Chinese lending, which gives rise to important questions of creditor seniority. All rights reserved. Taken together, young people in a few countries including Australia, Belgium, Canada, Sweden and the United Kingdom are both more positive toward China and less positive toward the U.S. than older adults. "Beijing has long viewed African countries as occupying a central position in its efforts to increase China's global influence and revise the international order," the US-China Economic and Security Review Commission wrote in its 2020 Report to Congress. As early as the 1970s, countries began to claim islands and various . General Stephen Townsend, Commander of United States Africa Command, Senate Armed Services Committee, March 15, 2022. Between 2007 and 2020, China invested $23 billion in infrastructure projects in Africa, according to the Center for Global Development, a US think tank. Since the 1980s, the two governments have conducted regular talks on border and security issues aimed at reducing tensions. Looking ahead, we find that credit outflows from China have slowed markedly since 2015, in parallel to Chinas ongoing domestic economic slowdown. We compiled data from hundreds of primary and secondary sources, put together by academic institutions, think tanks, and government agencies (including historical information from the Central Intelligence Agency). Analysis of the port project by UK-based think tank Chatham House has questioned whether the "debt trap" narrative strictly applies, given that the deal was driven by local political motivations, and that China never took formal ownership of the port. Just 24 percent of the countries' bilateral debt comes from the rest of the world that year. According to a Biden administration fact-sheet about the initiative: "President Biden and G7 partners agreed to launch the bold new global infrastructure initiative Build Back Better World (B3W), a values-driven, high-standard, and transparent infrastructure partnership led by major democracies to help narrow the $40+ trillion infrastructure need in the developing world "B3W will be global in scope, from Latin America and the Caribbean to Africa to the Indo-Pacific. On the borrower side, debt is accumulating fast: For the 50 main developing country recipients, we estimate that the average stock of debt owed to China has increased from less than 1% of debtor country GDP in 2005 to more than 15% in 2017. It is often kept off government balance sheets, directed to state-owned companies and banks, joint ventures or private institutions, rather than directly from government to government. Weve also documented a recent surge in the number of credit events on Chinese loans, which have not appeared in the reports of international credit rating agencies. The US-China Economic and Security Review Commission wrote in its 2020 Report to Congress: "China is dependent on Africa for imports of fossil fuels and commodities constituting critical inputs in emerging technology products. Beijing has increased its control of African commodities through strategic direct investment in oil fields, mines, and production facilities, as well as through resource-backed loans that call for in-kind payments of commodities. Good luck. Read about our approach to external linking. Since 2010 well over $20bn of Chinese . As we have seen consistently in Pew Research Center surveys, people who place themselves on the right of the ideological spectrum tend to view the U.S. more favorably than those on the left.
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