To me, it seems like the Belt and Road Initiative is a very China central project and they are lending money to poorer countries for building infrastructure but requiring it with “interest rates four times higher than offered by other bilateral lenders and maturity periods of a third as long.” From this article, it appears that China’s practices are somewhat manipulative and unfair especially towards third world countries.
I have questions regarding the proposition of the Belt and Road Initiative to foreign countries and what the deal they are being offered exactly is. I can’t tell if this is an initiative that mainly helps China and puts other countries into debt or if there is a mutual benefit to all participants. Based on the reading, I’m thinking it could be more of the former. I believe that the BRI could be malpractice because it appears China was only focused on raw expansion at the beginning of the project and not the countries in its wake.
I believe that the international community should definitely take action in promoting the healthy growth of underdeveloped countries with limited political ties and all parties’ best interests in mind. I can’t discern without further reading if China is looking to manipulate smaller countries and provide them loans on funds for subpar infrastructure that actually help China themselves, but if that is the case I think there is serious cause for concern. By providing developing countries with infrastructure lacking in longevity and placing them under debt, they are threatened economically. Alternatively, if countries are able to give generous loans that are more sustainable to foreign underdeveloped countries it could aid their growth and promote general economic security. It also seems that if a country wants to benefit from a foreign project they should be the ones paying for it and not receive their money back on a loan.
It is definitely relieving of some concern to hear that China has suspended payments on debts to African countries because of Covid and claiming to be more transparent. Additionally, the shift away from coal-fueled power plants is one in which supports the environment and global duties more. I still find it challenging to not view China as a villain in this story though, especially when the article includes quotes from a William and Mary data lab stating “The developing world is helping fix China’s problems.” It doesn’t take a philosopher to argue using developing countries as pawns to benefit the country with the second-highest GDP in the world is abusive and highly Machiavellian. It should be 1st world countries duty to encourage global growth and help smaller countries as opposed to using them then leaving them in debt to you.