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Developing countries owe China at least $1.1 trillion – and the debts are due

Hong Kong CNN — Developing countries owe Chinese lenders at least $1.1 trillion dollars, according to a new data analysis published Monday, which says more than half of the thousands of loans China has doled out over two decades are due as many borrowers struggle financially.

YeetPics ,
@YeetPics@mander.xyz avatar

Landlord china is coming for you, third world! Buckle up

rivermonster ,

Economic colonialism ultimately faces the same end as military colonialism. May be a short-term boon for China, but in the long term, it’ll drag them down.

Though if they keep pushing for a direct military conflict with the US, none of these gambles will pay off.

SkyeStarfall , (edited )

I don’t know if it will drag China down, after all colonialism didn’t drag Europe down historically.

It does drag humanity as a whole down, though. Cooperation is always more efficient and with greater rewards than aggressive competition, which just ends with everyone bloodied and one as the “winner”.

BigDanishGuy ,

This is exactly what China was hoping for. Either they got their money back with some interest, which is a zero win really, or China got to go after all the stuff they couldn’t have gotten to without armed conflict.

Sorta like how your bookie is cool lending you 10k to bet on some sure thing, and when you lose and don’t have the 10k? Then he’s reluctantly ok with taking possession of your 20k car in exchange for only breaking your fingers.

If anybody is about to learn a lesson it’s the developing countries, and the lesson? pay up or drop your pants and bend over

nyar ,

And the IMF does what that’s different from that?

Btw, how much money has China wiped from countries debt ledgers in the past?

protist ,

Can you explain how the example above is similar to what the IMF does?

YeetPics ,
@YeetPics@mander.xyz avatar

(they can’t, the whataboutism is a distraction so we don’t talk about daddy china anymore)

nyar ,

Read Confessions of an Economic Hitman.

protist ,

I just read a brief summary and several reviews of this book, and it seems it’s wholly unsourced and making many dubious claims. There are so many legitimate criticisms of the IMF and pretty much any large institution…why make shit up to criticize?

SkyeStarfall ,

They can both be bad you know

nyar ,

They can. I’ll wait to see what China does. I already know how the IMF and the World Bank operate.

tsonfeir ,
@tsonfeir@lemm.ee avatar

Some people are into that ;)

stella ,

Chinas about to learn a very hard lesson about doing business with unstable economies.

OsrsNeedsF2P ,

Not really. These countries are still economically dependent on China, so when they default on their loans, they offer China very lucrative ownership deals on their profitable exports, further engraving their relationships and China’s control.

We saw this happen in Sri Lanka, which was a huge win for China 5 years ago: thenationalnews.com/…/sri-lanka-hands-over-port-t…

stella ,

Hey! I remember you from Reddit. Loved playing 2009scape back in the day before they merged servers and reset my progress, lol.

OsrsNeedsF2P ,

Yes, Reddit is dead to me

I’m sorry to hear about your progress reset :+. 2009scape is in a much better place now, but the save migration was done suboptimally…

Check out !runescape btw if you haven’t already!

sheogorath ,

Like Indonesia who put their state budget as collateral for a loan to make their HSR. Didn’t see a good ending for that thing.

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