China’s Global Ambitions, With Loans and Strings Attached – The New York Times

The country has invested billions in Ecuador and elsewhere, using its economic clout to win diplomatic allies and secure natural resources around the world.

“EL CHACO, Ecuador — Where the Andean foothills dip into the Amazon jungle, nearly 1,000 Chinese engineers and workers have been pouring concrete for a dam and a 15-mile underground tunnel. The $2.2 billion project will feed river water to eight giant Chinese turbines designed to produce enough electricity to light more than a third of Ecuador.

Near the port of Manta on the Pacific Ocean, Chinese banks are in talks to lend $7 billion for the construction of an oil refinery, which could make Ecuador a global player in gasoline, diesel and other petroleum products.

Across the country in villages and towns, Chinese money is going to build roads, highways, bridges, hospitals, even a network of surveillance cameras stretching to the Galápagos Islands. State-owned Chinese banks have already put nearly $11 billion into the country, and the Ecuadorean government is asking for more.”

via China’s Global Ambitions, With Loans and Strings Attached – The New York Times.

2 thoughts on “China’s Global Ambitions, With Loans and Strings Attached – The New York Times

  1. What upsets me most about this story, is the environmental aspects. One of the great Amazon and water environments in the world will be sacrificed for an electrical dam and and an oil refinery. The US and the world desperately need a hefty carbon tax, to slow these environmentally lethal projects, and help the growth of more sustainable forms of energy and growth.
    The US also should put through a pollution and trash tax, and tax all items sold and carried into the US that are not 100% recyclable.This would force all manufacturers, domestic or from the developing world that sells into our large, consumerist economy, to make their products recyclable, or pay for removal to landfills. We also need such a penalty tax, to help start cleaning up our oceans and waterways, that are getting filled with plastic trash, that is endangering all kinds of wildlife.
    The carbon tax would help incentivize the Chinese, the US, and everyone else, to work hard to do less harm to the environment, while creating economic development. Paul Krugman has reported that a major study by economists suggests that moving to sustainable energies will not stop growth, and its negative effects might be less than 1% of growth without the change to sustainable energy sources.

    Like

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