The Chicom loan sharks

 Tom Rogan:

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Whether by bribing politicians to approve projects or importing Chinese workers to do jobs that locals could otherwise do, Chinese companies have earned themselves growing disdain. Shoddy workmanship has exacerbated these tensions. In 2017, for example, a Chinese-constructed bridge in Kenya collapsed. And when nations are unable to repay loans, China threatens to seize control of their critical assets. Control over Uganda's main international airport now sits at Chinese mercy.

Of course, for Xi, the ends justify the means.

When it comes to debt diplomacy, the end is entrenched political fealty. The Chinese Communist Party has gambled that if it throws enough money at enough foreign officials and business interests, it will be able to leverage that money for absolute political loyalty. It's a strategy with merit, if not morality.

Take Pakistan. Once a proud Islamic democracy, Pakistan now exists as a de facto colony of the Chinese Communist empire. Pakistani politicians might rail against the supposed injustice of Western policies toward Muslims and associated concerns over blasphemy, but not when it comes to China's genocide against its Uyghur Muslim population. Instead, Pakistani diplomats appear to receive their talking points straight from the Chinese foreign ministry.

But the political costs are becoming harder for governments to avoid. Djibouti offers an example.

As Mark Green observed in 2019, Djibouti's "public debt has risen to roughly 80% of the country’s GDP (and China owns the lion’s share), placing the country at high risk of debt distress. That China’s first and only overseas military base is located in Djibouti is a consequence, not a coincidence."

In 2021, the limited economic benefit that China has provided to Djibouti's citizens has led the tiny nation's government to face pressure over its Beijing relationship. The racist treatment of African migrant workers in China hasn't exactly helped advance Beijing's "win-win" narrative either.

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The Chicoms are ruthless in their dealings and the borrowers are actually worse off for the Chicom investments.  The west needs to expose these loan sharks for what they are.