In this week’s episode, English for Economists looks at the Belt and Road Initiative, the massive global infrastructure development program being promoted and funded by China.
But first, our vocabulary:
Infrastructure: Infrastructure is the physical and organizational structures and facilities, for example, buildings, airports, roads, the electrical system, ports.
Linkage: The connection or interconnection between two or more parties. In this case, it is the connection, or the relationship, between countries.
Soft power: the use of economic or cultural pressure as a method of influence.
Debt burden: the obligation to pay back borrowed money. You take a loan? Well, you have acquired a certain debt burden. It is a weight. An obligation.
Debt trap diplomacy: When the creditor country is said to extend excessive credit to a debtor country with the goal of getting economic or political concessions when the debtor country is unable to pay the money back.
Creditor trap: When the lender is unable to collect on loans and is faced with taking a loss.
Contractor: Contractors are professionals or companies who provide skills or services for a limited time. In other words, people, or companies, that are contracted to do something.
