China has spent a trillion dollars to expand its influence across Asia, Africa and Latin America. A slowing global economy, combined with rising interest rates and higher inflation, have left countries struggling to repay their debts to China. Western leaders have criticized China’s lending practices, which some have labeled “debt-trap diplomacy. Beijing is working on an overhaul of the troubled initiative, according to people involved in policy-making. Many economists and investors have said the country’s lending practices have contributed to debt crises in Sri Lanka and Zambia.Read Long Article
