In the editorial, the paper says that China's loans have been criticised as 'debt traps' that earn economic and security benefits by burdening developing countries with debts.. Read more at straitstimes.com.
TOKYO - There is a growing sense of caution in the international community about China's foreign loans.
In Asia, there is strong demand for funds for infrastructure development. The AIIB's loans have not increased despite robust demand, probably because of the bank's poor management. China is in conflict with India, its largest lending partner, over a border that has yet to be demarcated. It tightened its crackdown on Hong Kong and imposed high tariffs on some imports from Australia, which criticised the country's response to the novel coronavirus. This hard-line diplomatic stance seems to have had a negative impact on the AIIB's loans.
International financial institutions, including the World Bank, extend loans after strictly checking conditions such as fiscal discipline and fairness.
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