China's Belt and Road Initiative

In this week’s episode, English for Economists looks at the Belt and Road Initiative, the massive global infrastructure development program being promoted and funded by China. But first, our vocabulary: Infrastructure: Infrastructure is the physical and organizational structures and facilities, for example, buildings, airports, roads, the electrical system, ports. Linkage: The connection or interconnection between two or more parties. In this case, it is the connection, or the relationship, between countries. Soft power: the use of economic or cultural pressure as a method of influence. Debt burden: the obligation to pay back borrowed money. You take a loan? Well, you have acquired a certain debt burden. It is a weight. An obligation. Debt trap diplomacy: When the creditor country is said to extend excessive credit to a debtor country with the goal of getting economic or political concessions when the debtor country is unable to pay the money back. Creditor trap: When the lender is unable to collect on loans and is faced with taking a loss. Contractor: Contractors are professionals or companies who provide skills or services for a limited time. In other words, people, or companies, that are contracted to do something.