Opinion: This crisis has taught us true cost of doing business with China
with little or no exposure to the kind of public scrutiny that Western governments, multilateral institutions and private banks generally accept when making loans.With their commodity exports plummeting amid the global economic crash, debtors to China in Africa and Asia may soon be faced with a horrible choice: Impoverish their people to pay debt service to China or default and forfeit key national assets, which they posted as collateral to Beijing.
The world’s public and private sector institutions can only guess at the scope and consequences of this problem without clear information about who owes China how much and on what terms.The origins of China’s overseas lending spree lie in its need to find profitable uses for its vast reserves of dollar export earnings while also seeking to gain political influence in strategic, resource-rich regions of the world.
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