Home > Uncategorized > China’s Global Ambitions, With Loans and Strings Attached

China’s Global Ambitions, With Loans and Strings Attached

Water pipes set aside near where Ecuador wants a Chinese oil company to build a giant refinery, outside the port of Manta. China has invested heavily in overseas oil projects.CreditIvan Kashinsky for The New York Times

Near the port of Manta on the Pacific Ocean, Chinese banks are in talks to lend $7 billion for the construction of an oilrefinery, which could make Ecuador a global player ingasoline, 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.

 Ecuador, with just 16 million people, has little presence on the global stage. But China’s rapidly expanding footprint here speaks volumes about the changing world order, as Beijing surges forward and Washington gradually loses ground.
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