CANBERRA, Australia (AP) вЂ” the U.S. that is new ambassador Australia stated Wednesday that heвЂ™s worried about the way in which Asia lends cash to developing Pacific countries with what he defines as вЂњpayday loan diplomacy.вЂќ
Arthur Culvahouse Jr. told reporters in Canberra it was as much as U.S. allies and Western liberal democracies to teach individuals concerning the potential risks of these loans.
U.S. Vice President Mike Pence formerly warned of ChinaвЂњdebt that is deployingвЂќ against developing Pacific countries.
вЂњi might make use of more powerful language. I would personally make use of cash advance diplomacy,вЂќ Culvahouse said.
He said вЂњthe cash appears appealing and simple upfront, you better see the small print.вЂќ
Asia categorically rejects accusations it is merely acting in the best interests of both sides in such transactions that it uses loans, grants and other financial inducements to extend its diplomatic and political reach, saying.
It's particularly responsive to вЂњdebt trapвЂќ claims related to jobs under its gargantuan road andвЂњbeltвЂќ infrastructure initiative, a signature policy of President Xi Jinping.