This article by Stephen Ndegwa, first published in CGTN, discusses the ‘debt trap’ narrative in the context of Foreign Minister Wang Yi’s recent trip to several countries in Africa and Asia. Ndegwa notes that, although Western media and politicians often decry Chinese infrastructure loans as being exploitative, these accusations don’t stand up to scrutiny. Indeed, the debtor countries don’t share these criticisms and are highly appreciative of China’s support for their sovereign development.
One of the most popular rules of power says if you tell a lie big enough and keep repeating it, people will eventually come to believe it. Well, that could be so. But those who religiously apply this maxim, which purportedly emanated from Nazi Germany’s Joseph Goebbels, forget that it carries a rider. The lie can only be maintained for as long as the originator shields people from the truth.
This has been the case with the so-called debt trap, a phrase generally coined by Western countries that alleges that China ensnared developing countries with unserviceable debt to take over their national assets. China’s aim, so goes the lie, is to enable China to get a foothold in various strategic locations around the world.
Interestingly, even after the United States-led Western bloc’s warning that choices have consequences, China’s partners do not seem to be relenting in expanding and deepening their Sino cooperation. The stress-free partnership has given developing countries much-needed breathing space that has helped them make economic choices best suited to their needs, rather than experimenting with high-blown models that have no practicality.
Continue reading Wang Yi’s Africa and Asia tour further debunks ‘debt trap’ conspiracy theory
