View: China can no longer take Sri Lanka for granted
Since the early 2000s, China's debt profile in Sri Lanka has increased rapidly, with estimates indicating that over 20% of the overall debt stock is owed to China. Beijing's lending has been opaque on high-interest loans and has often contributed to several white elephant projects. Much of this lending comes from Chinese policy banks, such as China Exim Bank and China Development Bank that is entrusted to further Beijing's economic and commercial interests. As a result, China has often backtracked on restructuring its debts.
Source: indiatimes.com