The ruling communist regime in China is exploiting international financial systems and engaging in predatory loan schemes to unfairly advantage itself, a a U.S. congressman says.
The Chinese Communist Party (CCP) is creating economic dependencies to ensure that nations worldwide can’t break away from its influence, Rep. Frank Lucas (R-Okla.) said.
“The Chinese operate by different standards than the rest of the world,” he said during a Feb. 5 talk at the Hudson Institute, a Washington-based conservative think tank.
“[They’re] creating an empire reminiscent of the colonial period.”
Mr. Lucas said that the regime was granting “lavish” spending terms for loans to authoritarian and underdeveloped nations, which he compared to victims of a loan shark. In many instances, he said, the regime knew that the recipients of such financing wouldn’t be able to pay and would be subject to stringent terms that further indebted them to Beijing.
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