It’s the Thought That Counts: Debt-Trap Diplomacy
Countries have been hesitant to embark on this journey with China for obvious reasons. And China does not waste time soothing minds. China has regarded the initiative as a “road for peace”. The nation’s intention is not to exploit or enhance geopolitical influence, but to develop cultural understanding among all nations. The skepticism still stands.
Many nations, such as Japan and the United States are apprehensive that this may only be a ploy for China’s expansion and movement of a militia. If the OBOR becomes a reality, China would have India surrounded, and again, for obvious reasons, India opposes the OBOR. Hidden agendas aside, there is another reason for reluctance towards the initiative.
Many analysts are stating that the OBOR is a debt-trap for many countries involved. When nations do not have the funds to reimburse a loan, they are more or less enslaved by China, obligated to find other ways to return on the investment. Finding other options for payment is China’s bread and butter. This tactic has accounted to much of the nation’s diplomatic immunities and allowances.
The accusations for debt-trap have swarmed Xi Jinping and he felt it was much needed to defend his initiative and provide new bouts of clarity. He spoke with conviction, “This is not a China club.” He plans to be inclusive and transparent about the entire process.
Could it really be? Are China’s intentions pure? Marina Rudyak who is taking her Ph.D. in Chinese Studies stated:
“The reason is not that simple as saying it’s because the Party wants it. We are neglecting those who genuinely want to change something, those who came out of poverty and now want to help others to be less poor.”
What we know for sure is Asia is in much need for developed infrastructure and who would better suited to handle this than the growing Asian giant? China’s ambition and determination may lead to a new world. Let’s just hope nothing shade happens in the sidelines.