debt traps

China Offers Sri Lanka Economic Aid After Destroying Its Domestic Industries

Sri Lankan Prime Minister Ranil Wickremesinghe on Monday said he would ask China for foreign aid again, after Beijing turned down a proposed $1.5 billion currency swap. China was a major contributor to Sri Lanka’s economic implosion, having destroyed some of the island’s key industries and bankrolled its corrupt socialist government with loans that could never be repaid.

Chinese Foreign Minister Wang Yi, left, poses for media before his meeting with Sri Lankan Prime Minister Mahinda Rajapaksa in Colombo, Sri Lanka, Sunday, January 9, 2022. (Eranga Jayawardena/AP)

Sri Lanka Begs China for Off-Ramp from Belt and Road Debt Trap

Sri Lankan President Gotabaya Rajapaksa on Sunday asked Chinese Foreign Minister Wang Yi to restructure payments for the roughly $5 billion Sri Lanka borrowed from China to build wasteful and unproductive projects under China’s Belt and Road Initiative (BRI). Critics describe BRI as a form of colonialism, a “debt trap” set by imperialist China for Third World countries, and Sri Lanka often serves as Exhibit A for the prosecution.

Sri Lankan President Gotabaya Rajapaksa addresses the 76th session of the UN General Assembly on September 22, 2021, in New York. (Photo by JOHN ANGELILLO / various sources / AFP)

Xi Jinping Promises More Transparent and Sustainable ‘Belt and Road’

Chinese President Xi Jinping addressed the second annual Belt and Road Forum in Beijing on Friday. His speech was covered by Chinese media as triumphant exultation of an astounding international trade and infrastructure project, while foreign reporters heard a series of signals to nervous participants and prospects that the Belt and Road Initiative (BRI) will become more transparent, financially sustainable, and politically neutral in the years ahead.

China's Xi aims to soothe Belt and Road fears

China Sells ‘Public Good’ of Belt and Road Debt Traps at U.N.

Chinese Foreign Minister Wang Yi, representing Communist Party leader Xi Jinping at the United Nations General Assembly on Friday, used his time to urge “win-win cooperation,” promote the sprawling One Belt, One Road (OBOR) debt trap project, and generally avoid confrontation with the United States.

The Associated Press