China is owed over $1 trillion (€935 billion) through its Belt and Road Initiative (BRI), making it the world’s biggest debt collector. According to China, more than 150 countries have signed up to the BRI, a mammoth global infrastructure thrust launched by President Xi Jinping in 2013. Based on data collected on Chinese financing of almost 21,000 projects in some 165 countries, AidData said Beijing had now committed aid and credit “hovering around $80 billion a year” to low and middle-income nations. Last month, at a summit that marked a decade since the initiative was first unveiled, Xi said that China would put more than $100 billion of new funds into the BRI. However, a joint report by the World Bank and other institutions, including AidData, released this year said China had been forced to give out billions of dollars in bailout loans to BRI countries in recent years. What is your take on Chinese loan on developing nations ?
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