India’s ‘debt trap’ slandering against Chinese BRI aid is laughable

India’s ‘debt trap’ slandering against Chinese BRI aid is laughable

Synopsis

Global Times

India’s ‘debt trap’ slandering against Chinese BRI aid is laughable
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BEIJING: During the 2022 Munich Security Conference (MSC) which concluded on February 20, 2022, Indian External Affairs Minister Subrahmanyam Jaishankar warned countries of “debt trap” created by Chinese assistance, a false cliché that the US and its close allies often use to discredit China’s Belt and Road Initiative (BRI) and the mutually beneficial economic and trade cooperation between China and its partners.

“We have seen countries, including in our region, being saddled with large debts.” Jaishankar cautioned countries accepting China’s financial assistance in a discussion on the theme “Regional order and security in the Indo-Pacific” with his Australian and Japanese counterparts, according to the Hindustan Times.

However, Bangladesh’s foreign minister Abul Kalam Abdul Momen, who attended the discussion, told a different story about China’s help. As Bangladesh requires funds to build up a wide range of infrastructure projects to meet the aspirations of its people, China offered a “basket of money” and affordable proposals, on the contrary, the aid from other partners came with a lot of strings, Momen said.

By all metrics, the recipient countries like Bangladesh have more credibility to talk about China’s financial assistance than an outsider and alarmist, India.

In fact, India’s anti-China forces have long played a role in the slandering campaign against the mutually beneficial economic cooperation between China and South Asian countries such as Sri Lanka and Bangladesh. Jaishankar’s latest hypocritical warning about a “debt trap” is nothing but another geopolitical gimmick to hinder other countries’ pursuit for prosperity.

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As leaders of many Asian countries have repeatedly noted, they have not and will not fall into a debt trap while accepting China’s financial assistance. Instead, China’s assistance has served to greatly boost their economic growth and improve their people’s livelihood.

Despite ongoing slandering from the US, India and a couple of other countries, between 2018 and 2020, China is the top foreign investor in Bangladesh’s economic zones, the Financial Express reported, citing data from the Bangladesh Economic Zones Authority (BEZA).

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