China’s share of global GDP has increased from 3.6% in 2000 to 17.8% in 2019 and will continue to grow, the CEBR said. It would pass the per capita threshold of $12,536 (£9,215) to become a high-income country by 2023.
absolutely insane
ok thats a good first step, a list of country’s , now how is China bullying them?
In Africa, many African countries (great writing there bloomberg) eagerly accepted the loans that China’s state-owned financial system offered: But this turned out to be a poisoned chalice — many of the projects that China financed were not well-thought-out, leading to a predictable wave of defaults. Many countries in Africa and elsewhere are now asking for debt relief, and it looks like China is going to take significant losses.
Is this source imperialist pilled enough for you?
I know there’s a lot of editorializing arounf the actual reporting saying china bad but you really need to look at the facts presented my friend.
In total china has cancelled debt in 94 cases before this latest wave , its not a “really good thing” I suppose… but international loans are useful to developing countries, especially when put towards developing infrastructure
here is another example
https://www.cfr.org/blog/africa-faces-covid-19-chinese-debt-relief-welcome-development
and in total, China has provided 2.1 billion in debt relief under the g20 framework alone
https://www.reuters.com/article/us-china-debt-g20-idUSKBN28009A
BEIJING (Reuters) - China has extended debt relief to developing countries worth a combined $2.1 billion under the G20 framework, the highest among the group’s members in terms of the amount deferred, the country’s Finance Minister Liu Kun said on Friday.
Liu’s comments come as African countries, hammered by the COVID-19 pandemic, face another debt crisis, and will need more long-term help than the latest G20 Debt Service Suspension Initiative (DSSI) offers them to ward off trouble ahead and keep much-needed investments coming in.
now if you have an example of these countires being bullied by China it would be a good time to present it if you’re so inclined, as my understanding of the relationships China has with the countries you listed are mutually beneficial ones
here a helpful paper publishe by an American university describing at least 3.4 billion in debt cancelled
IN 2000, CHINA MADE ITS FIRST DEBT cancellation pledge, which only included African countries. Since then, China has made seven debt cancellation pledges that included African countries. China’s debt cancellation pledges generally promise to cancel only the overdue part of governmental ZILs that were maturing in a particular year. Zero-interest loans are offered by China’s Ministry of Commerce (MOFCOM) as part of intergovernmental Economic and Technical Cooperation Agreements. They average about US$ 10 million per loan, and make up less than five percent of China’s overall lending to Africa from 2000-2018. Importantly, the funds for zero-interest loans are accounted for in China’s annual foreign aid budget rather than raised from capital markets, which means that MOFCOM does not rely on ZIL repayment to balance their books. This, coupled with the standardized nature of ZILs, make debt cancellation negotiations relatively simple. Cancellations are negotiated bilaterally, but follow a standardized process whereby eligible countries apply, and a committee led by China’s Ministry of Finance with delegates from MOFCOM then approves or rejects the cancellation request. Between 2000 and 2019, China has cancelled at least US$ 3.4 billion of debt , almost exclusively overdue ZILs.1 Our data includes 94 cases of debt cancellation in Africa
You’ve really gotta stop wading into these arguments.
You just get extremely upset.
