After 100 days of intense fighting, it is difficult to begin thinking about rebuilding Ukraine when Russian bombs are still raining down on innocent civilians. But it is precisely during times of crisis and disaster that we must consider what comes next.
Since 2000, China has spent US$843 billion on bilateral aid. That is around US$39.5 billion per year, similar to the amount provided by the United States (US), the world’s largest donor of foreign aid.
China hands out at least twice as much development money as the United States (US) and other major powers, new evidence shows, with most of it coming in the form of risky high-interest loans from Chinese state banks.The sheer amount of Chinese lending is startling.
Global indebtedness has never been greater than it is today. With interest rates so low for so long, anyone who could borrow has done so. But, even with rock-bottom borrowing costs, the economic fallout from the pandemic has forced one vulnerable country after another to declare sovereign default, or to signal that it may do so soon. Worse, the main creditor to debt-distressed emerging economies, China, has little experience managing cascading sovereign defaults.
The Asian Development Bank’s (ADB) recent US$60 million loan to Cambodia is set to boost the skills and competitiveness of its growing labour force as the country’s economy undergoes a key transition.Driven by garment exports and tourism, Cambodia’s economy grew by an average of 7.7 percent between 1995 and 2018 according to the World Bank, making it one of the fastest-growing economies in the world.
Chinese President Xi Jinping called his visit Tuesday to long-time United States (US) ally the Philippines a "milestone", as he aims to boost blossoming ties on the promise of billions of dollars in backing for mega-projects.Philippine President Rodrigo Duterte has proven a willing recipient of Beijing's attentions, declaring shortly after his election in 2016 his nation's "separation" from former colonial master the US.Since then Beijing, which is competing with
China took another step to clamp down on leverage in the financial system, ordering banks to ensure they aren’t exposed to risks from their entrusted loan business.Banks can only act as intermediaries when arranging entrusted loans, and must not provide guarantees or get involved in decision-making, according to new rules posted in a statement on the China Banking Regulatory Commission’s website over the weekend.The entrusted loan business, which normally involves companies providing finance
