China Now World’s Largest Debt Collector: Many Nations In Chinese BRI Debt, Owe Beijing over $1 Trillion

News Snapshot:

Over 150 nations stretching from Uruguay to Sri Lanka have signed up Chinese President Xi Jinping’s pet project the Belt and Road Initiative (BRI). The countries who wanted to be part of this so-called global infrastructure push now owe Beijing more than a trillion dollars through projects under BRI. Almost 80% of the BRI loans support countries in financial distress. This makes China the world’s largest debt collector. China is now seeking to “de-risk the BRI”, the report said, citing that it is “becoming an increasingly adept crisis manager”. It said that China is bringing its lending practices more in...