COUNTRIES SHOULD BE SCARED OF THE BRI

Countries must be scared by the BELT ROAD INITIATIVE of China that even before its operation, many countries had already felt the destruction to its economies before the said project begins.

The over 70 countries membered to it shall be scared at this moment, as said trade openness being sung by China, the opposite is happening otherwise.

COUNTRIES COMPLAIN

So many countries had already discovered the hidden interests and agenda of China in BRI. Countries like Sri Lanka, Djibouti, Laos, Malaysia, Pakistan, Montenegro, Cambodia, and many others had felt the unfair treatment of trade and relations with China over the years since the inception of the BRI idea.

Debt Trap Diplomacy

It is very clear that China is engaged in a practice of debt trap diplomacy, targetting small economies that have no capability of paying back the loans with exorbitant rates and harsh terms and conditions that would eventually take equity upon default or failure payback.

The Philippines is already entering this debt trap of China under the leadership of the current president, and this is a matter of national concern and national security that must be addressed and studied by the government. The same that recently, offers of Chinese loans are saddled with expensive rates, with strings attached of natural resources as targets once loan defaults take place.

TRUTH OF THE BRI

Once BRI becomes fully operational, China is the biggest economy in the world, and its manufacturing and exports economy will easily kill smaller economies in is game of international trade, it is seemingly a fight of David and Goliath.

LIke the Philippines, we have not shored our manufacturing industries, and we are not an export economy, and by this condition, we are at a disadvantaged position just like everyone in the ASEAN region.

OUR MANUFACTURiNG

There is no means but to modernize, improve our manufacturing sector to combat the onslaught Chines goods flooding the country. We should abate the deficits of this country that is draining our USD reserves. We should always be mindful of trade deficits that are killing our economy.