Reuters file photo - A map illustrating China's "One Belt, One Road" megaproject at the Asian Financial Forum in Hong Kong.05 March, 2019
BEIJING — China has sought to defend its ailing “Belt and Road Initiative” (BRI) from mounting international criticism ahead of an important summit in April to fine-tune the multibillion-dollar infrastructure investment programme.
National People’s Congress spokesman and former foreign affairs vice-minister Zhang Yesui refuted concerns that the project, estimated to be worth US$900 billion (S$1.22 billion), lacks transparency and creates debt traps for participants, especially developing countries.
“China attaches great importance to the problem of debt sustainability and will neither force others to cooperate on projects nor create any traps,” Mr Zhang said at the second session of the 13th National People’s Congress in Beijing on Monday (March 4).
“Obviously, like other international cooperation initiatives, there will be some difficulties, problems, risks and challenges during the implementation of the Belt and Road Initiative.
“However … with continued overall improvement, I believe that the Belt and Road Initiative will certainly bring better development and even more rewards to participating nations.”
Mr Zhang said 157 nations and international organisations had signed belt and road agreements to date, with 67 joining in 2018.
Mr Zhang was positive about the expected outcome of April’s planned summit in Beijing, which will try to build consensus among belt and road strategy participants as the ambitious scheme reaches its sixth year while facing numerous setbacks and international suspicion.
Mr Adam Ni, a China researcher at Sydney’s Macquarie University, believes the summit will provide “an opportunity for China to become more transparent over its intentions, and clarify its strategy and approach for the BRI going forward”.
“Unfortunately, what we will likely see is political theatre spinning a wholly positive message about the progress of the BRI,” he said.
Malaysia has complained that its belt and road projects are too costly. Meanwhile, the US$60 billion China-Pakistan Economic Corridor project remains fiercely opposed by India since it runs through the disputed territory of Kashmir, which is claimed by both India and Pakistan.
However, Mr Ni said that, while certain countries had been negatively affected by Chinese debt resulting from the belt and road plan, there was “no evidence that the BRI is premised on intentionally creating ‘debt traps’”.
[No evidence? Sure. No evidence that it was "premised on intentionally creating 'debt traps'". It is difficult to prove intent. Without a confession. But we can see the effect in this video:
Okay, both the above videos are from China Uncensored. So it is as good as just ONE perspective.
Here's a video from a different source:
Of course, China Apologists will dismiss the above videos as Western fear-mongering, racism, and anti-Chinese paranoia. And not evidence of China's intent to create debt traps.
Maybe.
The only way is for the reader to consider the arguments for either position and decide for himself. Is the Belt & Road Initiative intended as a debt trap? Or something else?
The evidence is that it has created quite a few debt traps. Whether it was intentional or not, is irrelevant.
Follow the money. Who benefits? How did China benefit. And then decide who you want to believe,]
“China can and does use debt as leverage, but it is not in its long-term interest to create ‘debt trap’ situations for its BRI partners,” Mr Ni said.
“That being said, China must learn to deal with anxiety over increasing Chinese debt and influence as well as improve the transparency and governance over BRI projects.
“The backlash against the BRI in both the developed and developing world suggest deep-seated anxieties over China’s approaches to investment as well as its strategic intentions.”
Dr Harry Verhoeven, convenor of the Oxford University China-Africa Network, predicted that the April summit would address some of the debt concerns.
“Beijing has in reality been stung by the mounting criticism in Africa, South America and the West about the unexpectedly high financial and political cost of its infrastructure diplomacy in general, and BRI in particular,” he said.
“I very much expect the April summit therefore to highlight some debt rescheduling and cancellation measures, especially those with some headline/media value, in order for the Communist Party to seek to reclaim some of its credibility and to assuage the fears that exist around the BRI.”
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