The narrative of Chinese “debt diplomacy” is rather simplistic: Lending by state-owned banks is not transparent, encourages corruption, and serves primarily Chinese corporations, it goes. This would lead inevitably into a debt trap. It appears as if Beijing’s policy is fundamentally different from the practices of international financial institutions, governments of Western industrialized countries or large commercial banks.
It may sound like a matter of routine: The German frigate ‘Bayern’ is about to set sail and spend several months cruising in the Indian Ocean and the Western Pacific. The Defense Ministry merely wants to see this just as a “sign” to fly the flag where Germany’s “values and interests are affected”. However, behind this there is a fundamental paradigm shift.