China plays a crucial role in the development policies of many countries around the world. It offers grants and loans, and builds major infrastructure projects such as roads, bridges, power plants, parliament buildings, hotels, and football stadiums. A new book claims that that much of the conventional wisdom about Chinese development finance rests on untested assumptions, individual case studies, and incomplete data sources. The authors argue that Beijing’s use of debt rather than aid to bankroll big-ticket infrastructure projects certainly creates new opportunities for developing countries to achieve rapid socioeconomic gains. However, such actions also introduce major risks, such as corruption, political capture, and conflict.
Axel Dreher is a Professor of International and Development Politics at Heidelberg University, Germany. Together with Andreas Fuchs, Bradley Parks, Austin Strange and Michael Tierney, Axel co-authored Banking on Beijing: The Aims and Impacts of China's Overseas Development Program (Cambridge University Press, 2022). Twitter: @DreherAxel
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