Consolidating public debt markets asia


Once constructed by Chinese-run firms, the projects oftentimes bleed money.As a result, the borrowing country is saddled with onerous debts that it cannot repay on time, or at all, rendering it more vulnerable to China's influence and control.As outlined by Chinese President Xi Jinping, this ambitious modern-day Silk Road calls for the creation of a network of railways, roads, pipelines and ports that would link China with its neighbours in Asia and beyond.Besides putting in place infrastructure critical for development, the aim is to create a platform for greater trade flows, economic cooperation and social exchanges.China's swift public declaration of support for Pakistan as its "all-weather partner" is an implicit rebuke of the United States.



But Sri Lanka's experience with China should not be construed as a state-sponsored conspiracy by Beijing.Just last month, Pakistan withdrew from a US$14 billion mega-dam project under CPEC citing the stringent financing conditions China attached to the proposal.Officials worried that the debt servicing terms lacked adequate transparency and risked making Pakistan too dependent upon Beijing's largesse.The recent turbulence in US-Pakistani relations poses a complex set of questions for New Delhi.

On the one hand, it has enthusiastically welcomed Washington's tough line on Islamabad, hailing the suspension of aid as a long overdue step.

At the same time, India finds itself woefully unprepared to meeting the formidable challenges China's debt trap diplomacy has created for New Delhi.



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