Chinese officials have long talked up the “win-win” attributes of their engagement with other developing countries. China wins contracts, markets and access to raw commodities. Its partners win infrastructure and investment, and an ally that, unlike western countries, eschews obvious political conditionality in return for loans. The mutual benefits can indeed be great. A growing number of the recipients of Chinese credit are discovering, however, that the purported “win-win” formula also creates losers.
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