China’s ambitious infrastructure project “One Belt, One Road” has had major problems due to countries being unable to pay their debts, according to a study.
Between 2008 and 2021, China spent $240 billion to bailout 22 developing nations that struggled to repay their loans, reports Reuters.
“Beijing is ultimately trying to rescue its own banks. That’s why it has gotten into the risky business of international bailout lending.”
– Carmen Reinhart, a Former World Bank Chief Economist and One of the Study’s Authors
