The Hong Kong authorities have arrested more than 110 people in national security investigations over the past year, charging 64, including most of the city's best-known pro-democracy activists . January 02, 2022 06:30 AM. has called the level of debt many countries once again . 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. Gatestone also reserves the right to edit comments for length, clarity and grammar, or to conform to these guidelines. All you need to know about everything that matters. Yet another important element to Chinas presence in global finance is the growing network of swap lines by the Peoples Bank of China (PBoC). More countries have opted to take the strictest measures possible to contain it. In 2015, Chinese state media claimed that an attack on one of its remote checkpoints in Inner Mongolia was due to a provincial border dispute. Chinas overseas lending boom is unique in comparison to capital outflows from the United States or Europe, which are largely privately driven. The Peoples Republic has always been an active international lender. Given China's rapid growth over the last few decades, many economists were already predicting that it would overtake the United States . When it comes to views of the U.S., the pattern is more varied. 30 APRIL 2023 | NEWS OF THE WEEK - Facebook . China 'colonising smaller countries by lending them massive - The Sun John Richardson is a researcher based in the United States. Much of the debt owed to China relates to large infrastructure projects like roads, railways and ports, and also to the mining and energy industry, under President Xi Jinping's Belt and Road Initiative. IMF lending is transparent, and it is usually conditioned on a plan to improve national policies. For non-U.S. data, we draw on nationally representative surveys of 20,944 adults from Feb. 14 to June 3, 2022. Starting in 2013, it leverages China's expertise in infrastructure projects, and ample foreign currency, to build new global trading routes. Fears that China could launch an invasion of Taiwan have dominated headlines for months, fuelled by a series of incendiary interventions by senior officials in Beijing. Heres What They Think About China, In Their Own Words, Americans views of Asia-Pacific nations have not changed since 2018 with the exception of China, In their own words: What Americans think about China, What the data says about Americans views of climate change, Podcasts as a Source of News and Information, AI in Hiring and Evaluating Workers: What Americans Think, Americans confident in Zelenskyy, but have limited familiarity with some other world leaders, How Public Polling Has Changed in the 21st Century. China tends to lend at higher rates of interest than western governments. This systematic underreporting of Chinese loans has created a hidden debt problem meaning that debtor countries and international institutions alike have an incomplete picture on how much countries around the world owe to China and under which conditions. It argues that such confidentiality is common practice for international loan contracts. Over the past two decades, China has become a major global lender, with outstanding claims now exceeding more than 5% of global GDP. Enter China's ambitious bankers: with backing from a group of Chinese state companies and a consortium of Chinese state lenders, the $5.9bn railway is set to begin operations in December. 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. As a result, nations facing financial strains can turn to China before the international financial institutions, including the IMF. China has also claimed its right over all of North Korea on historical grounds (Yuan Dynasty, 1271-1368). What are 'debt traps' and what's the evidence for them? According to World Bank data analyzed by Statista. In the 15th century, China occupied Vietnam from 1407 to 1427. 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 . 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. 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. Every major world power has strategic interests in Africa but no western power has been able to have its way for long on this continent, that is why all the colonial powers abandoned it. These disputes remain the main point of contention between Vietnam and China, and in many respects, they constitute a main driver of Vietnams foreign policy.. 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. IE 11 is not supported. While China has continuously been deepening its involvement in Africa, the US has not come anywhere near China's engagement and high-level attention. Behind China's Takeover of Hong Kong - The New York Times They're not welcome in China though. China has the impoverished workers willing to risk their lives for a few extra bucks in Africa. The new intelligence suggests around 20,000 Russian soldiers have been killed in the . Explore how China's claims over the South China Sea have antagonized competing countries and track the latest . In the 1950s and 1960s, when it lent money to other Communist states, China accounted for a small share of world GDP, so the lending had little or no impact on the pattern of global capital flows. In addition, China is not a member of the Paris Club (an informal group of creditor nations) or the OECD, both of which collect data on lending by official creditors. The pattern differs in Poland, also last surveyed in 2019, where the U.S. is now seen more favorably than three years ago (+12 points) while China is seen less favorably (-19 points). Concerns that China could order a strike on the self-ruling island are so high that the US has passed a $100m support contract aimed at boosting the islands missile defence systems to maintain political stability and military balance in the region, Al Jazeera said. But a fear of war lingers due to North Koreas increasing nuclear capabilities. Africa's challenges, opportunities, and security interests are inseparable from our own. Our competitors clearly see Africa's rich potential. In September, an Iranian appeals court sentenced Ms. Daemi to seven years in prison for her peaceful activism. "[Those new initiatives] will not have enough real money to address the scale of infrastructure needs in the developing world. Just this week China was accused of encroaching on Nepals territory along the two countries shared border. The Times of India newspaper described this as "a ticking social bomb" in an editorial reacting to the population news. Note: Here are the questions used in this report, along with their responses, as well as its methodology. China's economic and diplomatic engagements allow it to buttress autocracies and change international norms in a patient effort to claim their second continent." China is making substantial investment in ports and pipelines worldwide The West is making the same mistake with them as it did with the "Arab Spring". The U.S. is also seen substantially more positively than China in Japan (+58 points) and Australia (+40 points). Assessing repayment burdens and financial risks requires detailed knowledge on all outstanding debt instruments. Both countries also have a long history of invading other countries. There are other parts of the world where Chinese lending has also proved controversial, with contracts whose terms could give China leverage over important assets. As a result, private investors and other competing creditors may underestimate the risk of default on their claims. Some African shave already expressed their alarm at the harm to their economy, employment and resources caused by China and its BRI projects. Chart: The Countries Most in Debt to China | Statista Already in May 2021, Townsend had warned that China was overtaking America in Africa: "The Chinese are outmaneuvering the U.S. in select countries in Africa. restructured and largely forgiven after the turn of the millennium, Our infographics team prepares current information in a clear and understandable format, Relevant facts covering media, economy, e-commerce, and FMCG topics, Use our newsletter overview to manage the topics that you have subscribed to. For generations I have heard in America that all of the problems in Africa are because of (white) colonialism. This is the widest gap observed among all 19 countries. This chart shows global debt levels cause by direct loans from China (as percentage of GDP) in 2021. What China's One Belt, One Road really means. The articles printed here do not necessarily reflect the views of the Editors or of Gatestone Institute. This change does not substantively affect the findings in this analysis. There's currently an initiative by G20 nations - those countries which have the largest and fastest-growing economies - to offer debt relief for poorer countries to help them deal with the impact of the pandemic. Also, working with Western official financiers is bureaucratic and subject to long delays.". China's Global Network of Shipping Ports Reveal Beijing's Strategy - VOA AidData says China remains the financier of first resort for many low and middle income countries. 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. How many World Bank loans or IMF loans have African nations defaulted on or better yet how many of these loans have been fully paid back without being refinanced by more WB or IMF loans? In each country surveyed, more than half of adults say Chinas influence in the world is strengthening. Almost all of this lending is official, coming from the government and state-controlled entities. For instance, in Greece, 60% of those on the right have a favorable view of the U.S., compared with only 22% of those on the left. Everyone who took part in the U.S. survey is a member of the Centers American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. China has joined this and says it has contributed "the highest amount of debt repayment" of any country taking part in the plan. Coronavirus: The world in lockdown in maps and charts - BBC News China is now obtaining a very strong support in the UN and is on the verge of being a majority voter. "Confidentiality agreements are very common in international commercial loans", says Professor Lee Jones at Queen Mary University of London. Failing to account for these hidden debts to China distorts the views of the official and private sectors in three material ways. What is China's One Belt, One Road? 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. However, China's overall lending commitments are likely to be significantly greater than these figures suggest. However, critics fear that the high-interest loans funding many Chinese projects are saddling unsuspecting populations in sky-high debt. When adding portfolio debts (including the $1 trillion of U.S. Treasury debt purchased by Chinas central bank) and trade credits (to buy goods and services), the Chinese governments aggregate claims to the rest of the world exceed $5 trillion in total. 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. Both will have almost 1.43 billion people, according to the United Nations World Population Dashboard well more than a third of the planet's 8 billion-plus people between them. This raises serious questions about the ability of this titan one on which the global economy has come to rely to maintain, let alone enhance, its economic status. 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. Instead, its four focus areas are climate, health and health security, digital technology, and gender equity and equality. 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. Along with Taiwan, this is perhaps the most well-known of Chinas territorial disputes. Since 2013, Argentina, Mongolia, Pakistan, Russia and Turkey all have made use of their RMB swap lines in periods of market distress. A dozen of these countries owe debt of at least 20% of their nominal GDP to China (Djibouti, Tonga, Maldives, the Republic of the Congo, Kyrgyzstan, Cambodia, Niger, Laos, Zambia, Samoa, Vanuatu, and Mongolia). Evaluations of Americas global influence vary more widely. (+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. February 26, 2020. After pursuing economic liberalization in the 1970s, its economy has mushroomed to become the second largest in the world behind the U.S., with a gross domestic product almost seven times that of India, which is placed fifth. Taken individually, these "nations" would account for eight of the 20 most populous countries in the world. But while Taiwan has proved to be the most troubling flashpoint in recent months, there are 16 other countries embroiled in territorial disputes with China. Statista offers daily infographics about trending topics, covering:Economy & Finance, Politics & Society, Tech & Media, Health & Environment, Consumer, Sports and many more. Just 24 percent of the countries' bilateral debt comes from the rest of the world that year. Visit our corporate site www.futureplc.com Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. Territorial changes of the People's Republic of China - Wikipedia The threat from China surpasses Africa now, and extends deeply into the Middle East, South America, and the Caribbean. But even then, about 90% of the $100 billion (in todays dollars) spent in Europe comprised grants and aid. Very good article. It is unclear why the report has not yet been published by the Nepalese government, the BBC said. According to the Financial Times, the country had to renegotiate loans worth $52 billion in 2020 and 2021 - more than three times the amount that met this fate in the two previous years. In other words, countries worldwide owed more than 6% of world GDP in debt to China as of 2017. "It really seems like kind of a bread-and-butter strategy they use to signal to their borrower that 'We're the big boss around here'," Brad Parks explains. About 40 out of Africa's 54 countries participate in China's Belt and Road Initiative (BRI), the global infrastructure and economic development project that the Chinese Communist Party launched in 2013. China has illegally occupied a 38,000 sq km of India's land in Aksai Chin. "[That is] income for these very poor countries, dollars and euros, to lock those up in an offshore account that's controlled by a foreign power. It has been suggested that Beijing has bought its silence over territorial issues, The Diplomat said, due to an influx of investment that coincided with the suppression of anything that might be deemed mildly critical of China. 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. Laos has a 313-mile border with China that runs from the tripoint with Myanmar in the west to the tripoint with Vietnam in the east. The World Bank says that since May 2020, a total of more than $10.3bn has been delivered in debt relief by G20 countries under this scheme. The Chinese embassy in Kathmandu denies any encroachment. non-commercial websites. While China has offered to negotiate, Philippines has said these territories are non-negotiable and have always been part of their country. Laos. The Socotra Rock, which lies 4.6 metres below the surface of the Yellow Sea, is the subject of a territorial dispute between South Korea and China. Singapore has also clashed with China over its claims in the South China Sea. China: Is it burdening poor countries with unsustainable debt? Instead, its four focus areas are climate, health and health security, digital technology, and gender equity and equality. 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. Many Chinese state developments loans also demand unusual forms of collateral. 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. Laos is one of the poorest countries in the region and couldn't afford even a fraction of the cost. 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. Which topics are covered by the "Chart of the Day"? Here's a thought: Let the European Union deal with Africa and let the United States deal with South America. Bhutan has not responded to reports of the Chinese settlements along its border. In South Korea, 89% have a favorable view of the U.S., 70 percentage points more than the 19% who say the same of China. One could look to the lending surge of the 1970s, when resource-rich, low-income countries received large amounts of syndicated bank loans from the U.S., Europe, and Japan, for a relevant precedent.
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