U.S. Treasury Secretary Janet Yellen is in Zambia on the second leg of her African tour, a stop aimed at promoting American investment and ties while she’s in a capital city that is visibly dominated by Chinese dollars.
Visitors to Lusaka arriving at the renovated Kenneth Kaunda International Airport see a facility expanded in 2015 with Chinese financing. A ride into the city passes billboards and newly built firms bearing Chinese signage, more evidence of Beijing’s influence and increasing competition with the U.S.
How Zambia’s debt is renegotiated with the Chinese will provide a test case for how lenient China will be with other overextended nations that face debt distress.
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