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Transcript
00:00Look, there's a lot of demand for capital around the developing world, and so belt and road,
00:07China didn't tell countries you have to borrow or else. These countries were desperate to borrow.
00:13I think the World Bank is underfunded by the United States and other countries. I think a
00:20lot of the advanced economies do less in terms of international development work,
00:25whether that is concessional aid or lending. And so China stepped into that vacuum. It stepped into
00:33that vacuum, not out of charity and the goodness of its heart, but out of partly a mixed set of
00:38motives, some of which were commercial to make money on those loans, some of which were a national
00:43security objective.
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