Nope. In every instance where a debt could not be repaid China either restructured it or outright cancelled the debt.
The reason for this isn’t altruism, it’s rational self-interest. China wants to keep doing productive business with these countries and a bankrupt country shackled with unpayable debt makes for a bad business partner, they will have nothing to offer and little to no purchasing power. It is in China’s interest to help the global south continue to develop economically.
If that means forgiving their debts then that is a small price to pay for a long term, lucrative, mutually beneficial trade relationship.
The reason why the West doesn’t think like this is because the West doesn’t have economies based on real production and development, it has vampire economies based on finance, rent and extraction of super-profits. They squeeze as much as they can out of a country until there is nothing left to squeeze and then blame those same countries for their own poverty on account of not being civilized or capitalist enough, exactly like how when a bigger corporation buys out a smaller firm then runs that business into the ground and sells off its assets.
Also, the West is run by bankers and the entire Western culture has been infected for centuries with the mentality of the banker in which debts are practically worshipped and seen as sacred and the idea of forgiving a debt is an unthinkable sacrilege, a moral peril.
Nope. In every instance where a debt could not be repaid China either restructured it or outright cancelled the debt.
The reason for this isn’t altruism, it’s rational self-interest. China wants to keep doing productive business with these countries and a bankrupt country shackled with unpayable debt makes for a bad business partner, they will have nothing to offer and little to no purchasing power. It is in China’s interest to help the global south continue to develop economically.
If that means forgiving their debts then that is a small price to pay for a long term, lucrative, mutually beneficial trade relationship.
The reason why the West doesn’t think like this is because the West doesn’t have economies based on real production and development, it has vampire economies based on finance, rent and extraction of super-profits. They squeeze as much as they can out of a country until there is nothing left to squeeze and then blame those same countries for their own poverty on account of not being civilized or capitalist enough, exactly like how when a bigger corporation buys out a smaller firm then runs that business into the ground and sells off its assets.
Also, the West is run by bankers and the entire Western culture has been infected for centuries with the mentality of the banker in which debts are practically worshipped and seen as sacred and the idea of forgiving a debt is an unthinkable sacrilege, a moral peril.