Henry Tugendhat
This month, Chinese President Xi Jinping pledged more than $29 billion in new lending commitments at the triennial Forum on China-Africa Cooperation. Washington has once again misunderstood this as a symbol of Chinese economic strength.
Like a deer caught in the headlights, the United States has spent the past few years responding to China’s vast lending programs in Africa and beyond by constructing its own equivalents, mostly lending through institutions such as the International Development Finance Corp. (DFC) and Export-Import Bank with tweaks to their efficiency here and there.
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