China has posted the strongest quarterly growth after successful neo-colonialism in several African states.
GDP growth of 18.3% year-on-year in the first quarter was the strongest since 1992.
Experts attributed this to debt-trap diplomacy adopted by the Asian country in Africa.
Be it $25billion owed by Angola, $13.5billion by Ethiopia, $7.4billion by Zambia, or $6.9billion owed by Kenya.
The shylock republic US$143 billion to African governments and state-owned enterprises between 2000 and 2017.
China intentionally extends excessive credit to a debtor country, thereby inducing the debtor into a debt trap.
This is done to extract economic or political concessions from the debtor country when it becomes unable to meet its debt repayment obligations.
The conditions of the loans are often not made public, and the borrowed money commonly pays contractors from the creditor country.
China also lends to some of the most corrupt economies in Africa.
White elephant projects are elegantly funded by China without concern for local economies.
Chinese economist Larry Hu mentioned they will continue until they are the world’s largest economy.
Citizen 250Q 