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China can turn debt trap of its own making into historic opportunity

Beijing should cut its losses and focus on salvaging its reputation

| China
Xi Jinping during the welcome banquet of the Belt and Road Forum in Beijing in April 2019: China has few good options to climb out of the hole it has dug for itself.   © Reuters

Minxin Pei is professor of government at Claremont McKenna College and a nonresident senior fellow of the German Marshall Fund of the United States.

When it comes to China's economic engagement with the developing world, the most controversial aspect has been the massive lending programs that have pumped hundreds of billions of dollars of loans into poor countries over the last 15 years.

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