by Nara Sritharan & Peter Rizkallah
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April 5, 2024
"In the intricate dance of global geopolitics, economic interests often intertwine with security concerns, nowhere more evident than in the case of Indonesia's relationship with China and the Belt and Road Initiative (BRI). As Chinese lending and infrastructure projects expand their footprint in the Indo-Pacific region so too do tensions and anxieties, giving rise to Sinophobia — the fear or dislike of China, its people, or its culture. This sentiment, rooted in historical grievances and contemporary fears, warrants careful analysis in the broader context of the BRI and Chinese strategic initiatives.
China's BRI has emerged as a powerful force reshaping the economic landscape of the Global South. While Western institutions like the Partnership for Global Infrastructure and Investment (PGII) strive to offer alternatives, Chinese lending practices often present irresistible opportunities for cash-strapped nations. US Secretary of the Treasury Janet Yellen's warnings about the sustainability of Chinese lending underscores the complexities developing countries face in balancing economic growth with debt sustainability."
