20 group of economies will meet this week in Bangalore to try to hurry things along. The picture is not all gloomy. Although China has not yet resolved its past lending mistakes, it is learning from them., China is now lending with greater caution. The construction firms that used to pick up overseas contracts at little risk to themselves now have more skin in the game. Regulators have imposed more explicit limits on external lending.
This caution should be good for Chinese balance-sheets. Yet new prudence will be a mixed blessing for many poor countries, which may have to abandon their hopes that China will be incautious enough to continue to finance their vital, but unbankable, infrastructure. If more countries do ask for debt relief, how can the talks be accelerated? There have been various sticking points. China sees the World Bank as the West’s policy bank, and wonders why its loans are exempt from restructuring when China’s banks must take part. It is reluctant to reduce the face value of its claims, preferring other forms of relief. And it doubts that private lenders will bear their share of the burden.
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The Economist has 27.2 MILLION followers. Curiously lttle engagement from them.
We included, owe them money
Dealing with the Devil...
I know I’m a good person 😄
What about the US?
Can’t really blame China for stopping loans when it’s dead money that won’t be paid back. Now that China’s been called out on debt trap diplomacy they’ve decided to stop lending as much. Makes perfect sense.
You can cheat others. But don't cheat yourself.
Destroy the environment 'learn' from them, fixing them, n 🔂, 🔂, again, again.
You assume those are “mistakes” and not “leverage.”
United States of America has been printing its money to reap the best assets of foreign countries, which is never a blessing for any country----no matter rich or poor.🤣
Iran