November 26, 2021
China’s rise has been the single most significant development in 21st century Asia. As a result, Asian geo-politics are in flux. President Xi Jinping has proved to be the watershed leader of China.
Under his leadership in the past nine years, China has embarked on some of the major strategic and economic-diplomatic projects, including military modernisation with a budget of $252 billion dollars for year 2020 alone (SIPRI, 2021). His statement-project, the Belt and Road Initiative launched early in his presidential years, has been aimed at incorporating many countries into the Chinese orbit.
However, there has been an underside to this Chinese overseas lending. As per a recent report of AIDDATA, China focuses on lending money to developing countries in place of giving financial aid; also, the rate of interest is quite high at an average of 4.2 per cent offered by Chinese…