Ever since its creation china has been trying to become a superpower, according to the world bank, China is the second largest economy with 12.24 trillion Doller in 2017, after the US with 19.39 trillion Doller. When Xi Jinping assumed office in 2013, Chinas quest for becoming a dominant force in global politics took a different shape. For increasing its influence, China is supporting different countries for the development of infrastructure by giving them huge loans. The main aim of these loans is not to help the local economies but to gain control over strategic locations all over the world.
The one belt, one road project which aims to recreate the ancient silk route is a 1 trillion Doller endeavour. The prosses of lending a large amount of money to developing countries already have some criticism all across the globe. So the intellectuals and economists are considering it as a debt trap because of most of the states whom China gave money are not in a position to repay them. In such a situation the nations are obliged to meet the demand of Beijing.
One of the example for this debt trap is Sri Lanka, in which a seaport has been build in Hambantota with Chinese investment. It was a 1.2 million Doller project, but Colombo is not in a position to repay the money and forced to give the port to a Chinese state-owned company for a 99-year lease. This erupted some protest on the island, but the Lankan government is arguing that it would be beneficial for the economy. In reality, the port of Hambantota is not expecting any economic benefits, but it is a part of the string of pearls tactics to counter India the arch-rival of China.
There are other countries which became prey to this debt trap, Maldives, Pakistan, Djibouti, Montenegro, Kazakhstan, Zambia, and Fiji. All of them small and developing economies but lies in an essential geographical location with political instability would help China to gain control over by putting them in bankruptcy. In most cases, the debt is so big when compare it with the Gdp of those countries, which make it impossible to pay back. This form of diplomacy before practised by Europeans and US will give China an economic and military advantage in the future.