China's Built-in Road Initiative Is a Good Idea for Africa

China invested heavily into developing nations in South-East Asia and Africa by giving big loans from state-owned banks to smaller governments. Of the 54 countries in Africa, 49 have infrastructure loans from China. The loans were generally given on the condition that construction would be done largely or exclusively by Chinese companies using Chinese workers. This system has been a win-win win for all the participants involved. But like all feedback loops, this was bound to end in disaster, and it has been. 30% of China's output and an equally large portion of its growth over the past decades have been fueled by housing. Those people who are unlikely to get their houses are refusing to pay their mortgages which means banks