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China's Overseas Bailouts!
Patrick Boyle On Finance
China's New System of Bailouts on the Belt and Road
The Chinese government pushed back on Tuesday against some of the criticism of their foreign lending practices. The paper argues that the rescue loans are mostly just a bailout for China's banks, which have underpinned much of the Belt and Road Initiative lending. All of this is just wasted spending that the countries now owe back and can't pay.
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