Forwarded from 📡Guardians of Hong Kong
Republic of China Debts Recalled as US Senator Introduces Resolution Demanding China to Repay USD$1.6 Trillion Debt
US Republican Senator Martha McSally put forward a resolution on Thursday demanding China to repay its sovereign debt of more than USD$1.6 trillion (around HKD$12.5 trillion), interests included, to US bondholders.
McSally said, “China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs… We are holding China accountable for its debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.”
The bonds were issued in 1912 by the Republic of China, which subsequently migrated to Taiwan. The People’s Republic of China established its sovereignty in 1949 and insists that Taiwan is part of China. According to international law, a successor state is responsible for the debts of its predecessor.
#PRC #MarthaMcSally #McSally #coronavirus #debt #sovereigndebt #ROC #Taiwan
Source: Apple Daily #Aug14
https://hk.appledaily.com/international/20200814/NUXWIHXV7NFZPI5J77CJ7IRGUM/
US Republican Senator Martha McSally put forward a resolution on Thursday demanding China to repay its sovereign debt of more than USD$1.6 trillion (around HKD$12.5 trillion), interests included, to US bondholders.
McSally said, “China has repeatedly failed to honor its obligations to America, taking American families’ money and jobs… We are holding China accountable for its debt and for unleashing the coronavirus on the world. We demand China pay back the $1.6 trillion it owes to American families.”
The bonds were issued in 1912 by the Republic of China, which subsequently migrated to Taiwan. The People’s Republic of China established its sovereignty in 1949 and insists that Taiwan is part of China. According to international law, a successor state is responsible for the debts of its predecessor.
#PRC #MarthaMcSally #McSally #coronavirus #debt #sovereigndebt #ROC #Taiwan
Source: Apple Daily #Aug14
https://hk.appledaily.com/international/20200814/NUXWIHXV7NFZPI5J77CJ7IRGUM/
Forwarded from 📡Guardians of Hong Kong
China's debt-trap diplomacy
American statesman John Adams, who served as president from 1797 to 1801, famously said, “There are two ways to conquer and enslave a country: One is by the sword; the other is by debt.” China, choosing the second path, has embraced colonial-era practices and rapidly emerged as the world’s biggest official creditor.
With its international loans surpassing more than 5 percent of the global GDP, China has now eclipsed traditional lenders, including the World Bank, the International Monetary Fund and all the creditor nations of the Organization for Economic Cooperation and Development (OECD) put together. By extending huge loans with strings attached to financially vulnerable states, it has not only boosted its leverage over them but also ensnared some in sovereignty-eroding debt traps.
Source: The Hill #May03
https://thehill.com/opinion/international/551337-chinas-debt-trap-diplomacy
#China #Debt #Trap
American statesman John Adams, who served as president from 1797 to 1801, famously said, “There are two ways to conquer and enslave a country: One is by the sword; the other is by debt.” China, choosing the second path, has embraced colonial-era practices and rapidly emerged as the world’s biggest official creditor.
With its international loans surpassing more than 5 percent of the global GDP, China has now eclipsed traditional lenders, including the World Bank, the International Monetary Fund and all the creditor nations of the Organization for Economic Cooperation and Development (OECD) put together. By extending huge loans with strings attached to financially vulnerable states, it has not only boosted its leverage over them but also ensnared some in sovereignty-eroding debt traps.
Source: The Hill #May03
https://thehill.com/opinion/international/551337-chinas-debt-trap-diplomacy
#China #Debt #Trap
Forwarded from Vital Signs
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“#China could avoid this crisis for a little longer if they get more and more foreign money. But really, once that foreign money stops, once the music stops, then it's going to be very difficult for them to manage this because you know, they're going to have this huge #debt crisis.” --#GordonChang
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Forwarded from China in Focus - NTD
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One of China's largest property-developing companies is deep in #debt. What it owes amounts to more than the GDP of Finland, at some $300 billion. If the company goes #bankrupt, it would send shock waves through China's economy.
🔶 Watch the full episode👉https://youtu.be/95tpv_3uHtg
🔶 Watch the full episode👉https://youtu.be/95tpv_3uHtg