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We are all hearing about rising government spending and debt, particularly after the pandemic. Big countries like the US, UK, and Germany have all spent more money and are working on debt relief packages. But what about underdeveloped and developing nations, what about their debt problems. Well, we are also wondering about that and we found this very interesting thing. Many of these countries have a common creditor "China''. Over the last few decades, China has become the biggest lender of loans to many countries. Majority of these loan are under the belt and road initiative project. This is a project that connects many countries from Asia, Africa, and Europe, to China. China has lent nearly 1.5 trillion dollars to 150 countries in the form of direct credit and loans. This has made China the world's largest official creditor putting behind international institutions like the World Bank, the IMF, or all OECD creditor governments combined. But the problem begins when no official data exists on these massive loans. China does not report on its international lending, and Credit rating agencies focus on private creditors. China's lending is state-sponsored, and therefore off their radar screen. This raises concern. After the pandemic shock countries that are under heavy Chinese loans experienced financial disturbance. That's why the terms and conditions of China's debt contract have come under the light of suspicion of many people. Many of these loans come with a lot of clauses. Clauses that make the Chinese loans look suspicious. These clauses works as hidden debt and puts a lot of financial pressure on the receiver country. We have seen some examples of how bad loans can hurt the country's economy. Take the example of Sri Lanka, where China built the deep-water port of Hambantota. It was opened on 18 November 2010. The reason behind building this port was, Sri Lanka is situated along the key shipping route between the Malacca Straits and the Suez Canal, which links Asia and Europe. Around 36,000 ships, including 4,500 oil tankers, use the route yearly. But the Hambantota dream hasn't quite worked out as designed. Because building a completely new city and economy up from scratch in a remote area is very risky, without an accompanying industrial zone or other local businesses to drive demand. Hambantota's deep sea port struggled to attract ships and cargo volumes as expected. A similar case happened in Pakistan where China is a major infrastructure building partner. A series of different projects are initiated under the CPEC including roads, highways, railways, ports, and energy generation plants. China's ultimate role in Pakistan is to cut across the country to gain access to Pakistan's deep-water harbor at Gwadar. And Pakistan was hoping that this project will help Pakistan's economy. But this is not what is happening. These megaprojects are contributing to countries' rising debt rather than the economy. Many of the think tanks from the US say China's role in Pakistan is militarily more important rather than economically. The Gwadar port in Pakistan is slowly becoming a part of the Chinese navy to gain control of much of the Indian ocean and to counter its geopolitical rival India. But perhaps the largest investment China has made is in Africa. Almost all the nations in Africa are in debt of Chinese loans. China's total loans to Africa from 2000 to 18 have been approximately $148 billion, mostly in large-scale infrastructure projects. Africa naturally sees China as a good partner rather than other western countries because of their shared history of anti-colonial mindset. And it is easier to get a loan from China rather than from the IMF, world bank, or any other western country. But again rushing to get a loan easily doesn't necessarily mean it will be profitable. This rush to get money many times leads to negligence in the analysis of financial sustainability and social and environmental sustainability which results in projects which are not very profitable and just add to the debt of the country. That's why at least 18 African countries have been re-negotiating their debts while 12 others are in talks with China for restricting an approximate $ 28 billion loan. Some experts believe that China's investment in Africa could be to gain their resources of them at cheap prices and moreover to gain political gain in the international organization like the UN. You see, massive infrastructure projects were supposed to create jobs in all these countries, but it is not happening as expected, this is because most of the workers come directly from China. Looking at the overall picture it seems China is not just a money lender, it is more of a strategic money lender with some agenda's. #chinadebttrap #debttrapdiplomacy