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Chinese Scholar Makes the Case That It’s Bond Debt, Not Bilateral Loans That Trap Developing Countries

A new research paper by prominent Tsinghua University development finance scholar Tang Xiaoyang provides the most detailed argument to date in defense of China’s bilateral lending to Global South countries and how mostly Western-initiated bonds are the real culprit in burdening poor states with unmanageable debts.

The 68-page paper was published in both English and Chinese and marks one of the strongest refutations of the “debt trap” narrative that has dogged Chinese lending to developing countries since Indian pundit Brahama Chellaney first published the accusation in 2017.

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