That’s right. Just pasted the original content without recognizing it, my fault. Just added it now in the body.
The report is based upon 1,691 files from the Chinese Ministry of Commerce (MOFCOM) …
Yeah, and sometimes the ‘Western’ media is, in fact, Chinese:
NewsBreak: Most downloaded US news app has Chinese roots and ‘writes fiction’ using AI
It says a fine or ‘up to 10 years in prison’.
Yes, and let us not forget China’s access to the Arctic for its Polar Silk Road.
I have long been blocked there :-)
Last year, researchers at AidData, the World Bank, the Harvard Kennedy School, and the Kiel Institute for the World Economy in Germany found that Beijing has dramatically expanded emergency rescue lending to sovereign borrowers in financial distress —or outright default- when the China’s Belt and Road Investments have failed.
Essentially, however, China has been bailing out its own banks, the study found. You can download the study here.
TLDR:
China had undertaken 128 rescue loan operations across 22 debtor countries worth $240 billion [by March 2023 when the study was published]. These include many so-called “rollovers,” in which the same short-term loans are extended again and again to refinance maturing debts.
Less than 5 percent of Beijing’s overseas lending portfolio supported borrower countries in distress in 2010, but that figure soared to 60 percent by 2022. Therefore, China’s new funding schemes pivoted away from infrastructure project lending to ramping up liquidity support operations. Nearly 80% of its emergency rescue lending was issued between 2016 and 2021.
China does not offer bailouts to all BRI borrowers: low-income countries are typically offered a debt restructuring that involves a grace period or final repayment date extension but no new money, while middle-income countries tend to receive new money to avoid default. The reason is that these middle-income countries represent 80% or more than $500 billion of China’s total overseas lending, thus posing major balance sheet risks, so Chinese banks have incentives to keep them afloat via bailouts.
Borrowing from Beijing in emergency situations comes at a high price. Rescue loans from the International Monetary Fund (IMF) carries a 2% interest rate, while the average interest rate attached to a Chinese rescue loan is 5% in comparable situations.
It’s very unlikely that Chinese cars are sold at a loss.
Even if we ignore for a moment that Chinese cars are produced at such low costs not in the least because of the use of forced labour and thus by ignoring even the most fundamental human rights, China will subsidize its EV industry at all costs, also offering dumping prices. China’s ‘industrial policy’ isn’t focused on financial health but on scale to destroy foreign competition to control the market for economic and political gains.
It’s a bad life in China as a journalist unless you parrot the Chinese communist party’s propaganda. “China is the world’s largest jailer of journalists, with more than 100 currently detained," as the organization Reporters Without Borders (RSF) announced last week when they released 2024 World Press Freedom Index.
China ranked 172nd among 180 countries and regions. Compared with Chiba’s 2023 ranking of 179th—second last place—China’s ranking has increased only because of the deterioration of situations in other countries, such as in the Taliban controlled Afghanistan, rather than any improvement in China.
RSF’s report also said that “in addition to detaining more journalists than any other country in the world,” the Chinese communist regime “continues to exercise strict control over information channels, implementing censorship and surveillance policies to regulate online content and restrict the spread of information deemed to be sensitive or contrary to the party line.”
Done.