Chinese debt trap ‘just a meme’: Ex World Bank Chief

WorldChinese debt trap ‘just a meme’: Ex World Bank Chief

BOAO: Dismissing the western allegations about China’s “debt-trap diplomacy”, the former World Bank President Jim Yong Kim has said that the claims about the Belt and Road Initiative (BRI) tricking nations into debt made no sense, the Express Tribune reported.

In his remarks, during the 2023 Boao Forum for Asia held last week under the theme “An Uncertain World: Solidarity and Cooperation for Development amid Challenges”, the former WB president said that studies have shown the term “debt-trap diplomacy” is “nothing more than a meme” and called on Asian Americans to stand up to the blind hate.Chinese debt trap ‘just a meme’: Ex World Bank ChiefCiting American political scientist and professor of political economy at Johns Hopkins University Deborah Bräutigam, Kim said that the most effective and well-known researcher has not found any evidence to substantiate the claims made about the Chinese debt.

In fact, the term came about because of human negativity bias based on anxiety about the rise of China, he noted while quoting from the study.

“If there is one message we give to the Chinese people, it is please don’t reduce your ambition to help other countries develop their economies and reduce poverty as you have over the last 30 years,” he added.

Using the Gen-Z slang the acronym G.O.A.T (greatest of all time), the former WB president said that it was simply a historical fact that in terms of economic development and poverty alleviation, “China is the G.O.A.T, the greatest of all time… don’t let the rest of the world make you the scapegoat”.

Earlier, in another session themed “Belt and Road: Sharing the Opportunities of Development,” Jim Yong Kim, who is also the Partner and Vice Chairman of Global Infrastructure Partners, called the BRI the most ambitious development project in human history and added that the essence of the initiative is to have a way of shoring up infrastructure foundation to let everyone aspire to enjoy a good life.

It may be noted that Kim’s comments came against the backdrop of western claims that Beijing was “inveigling” poorer Countries into taking out loans to build expensive infrastructure only to eventually seize control of assets from borrowing nations.

However, despite the Asian giant’s recent measures to forgive interest-free loans, the experts noted that the US-led western block has claimed that the BRI is in fact a geopolitical strategy to establish Sinocentric world order.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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