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by wahern
1274 days ago
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China's infrastructure investments are to a significant extent work programs for Chinese laborers, whom they send overseas to build these projects rather than employ local labor. The preference for Chinese laborers doesn't play well in countries where they "invest", which diminishes the political value even more. Unsurprisingly, China ends up cancelling much of this financing debt. > Chinese interest-free loans are frequently cancelled. And it’s widely understood that when China extends such credit lines, they are rarely ever paid back in full. Beijing was certainly not counting on the likes of Burundi, Congo or Mozambique to service these debts. And it has regularly rescheduled loans to African sovereigns worth billions in the last 20 years. https://africanarguments.org/2022/09/will-china-africa-debt-... |
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