(Agency) China, which has trapped countries like Beijing, Pakistan-Sri Lanka in its debt trap, is now finding itself in the grip of economic recession. There is a debt of 782 lakh crore rupees on 31 states. China, which is poised to become the world’s largest economy, is also facing economic crisis.
Debt on many states there has risen to around 44% of their GDP. The state governments have a debt of about 5.14 lakh crore dollars, if this amount is calculated in rupees, then this debt will be a trillion rupees. 31 states of China have a debt of 782 lakh crore rupees.
The main reason behind the widespread economic depression there is said to be the deteriorating situation due to the Corona epidemic. Provinces and local governments in China are facing an embarrassing situation due to the economic slowdown and declining revenue from land sales.
Many economic experts compare these conditions of China with countries like Sri Lanka, Pakistan, Turkey. Because, all these countries are facing economic crisis and China gave loans to all these countries to get out of economic difficulties.
You will be surprised to know that while the Chinese state is going under the burden of debt, on the other hand, the government led by Xi Jinping is trying to impress the world by giving loans to other countries. China has now started competing with the International Monetary Fund (IMF) to provide loans to poor or middle-income countries to deal with economic difficulties.
