دانشگاه رازی مطالعات اقتصاد سیاسی بین الملل 2383-3602 9 1 2026 05 22 China's Belt and Road Initiative and the Critique of Debt Trap Diplomacy ابتکارکمربند و راه و نقد ایده دیپلماسی تله بدهی چین 45 63 4292 10.22126/ipes.2026.10887.1678 FA سعید میرترابی دانشیار گروه روابط بین‌الملل دانشگاه خوارزمی، تهران، ایران. 0000-0003-3697-2672 Journal Article 2024 07 19 More than a decade has passed since China launched its Belt and Road Initiative (BRI), during which serious criticisms have emerged regarding the negative consequences of China's financial and infrastructure activities in host countries. One of the most significant and frequently mentioned critiques is framed within the concept of "China’s debt trap diplomacy." This article aims to examine various aspects of China’s financing activities related to infrastructure projects under the BRI and to evaluate the validity of claims made regarding the "debt trap" accusation. The primary question of the article is, "To what extent does the management of the Belt and Road Initiative and the financing methods used for projects in host countries corroborate the claim of a 'debt trap'?" The hypothesis tested in response to this is that "the decentralized and sometimes contradictory nature of the management of the Belt and Road Initiative, along with the financing methods and the reactions of Chinese financial institutions to the debt crises of host countries, confirm the prioritization of Chinese interests in these joint projects but do not substantiate the idea of entrapment for the purpose of appropriating the host country's strategic assets." The findings of the article indicate that many analyses and evaluations regarding the revival of the Silk Road Initiative are influenced by the existing competitive atmosphere between China and the West in various international arenas. So a better understanding of the nature of China’s activities in this area requires distancing from polarized perspectives toward it. <strong> Introduction</strong> Since the announcement of China’s Belt and Road Initiative (BRI) in 2013, the initiative has become one of the most debated international economic and geopolitical projects of the twenty-first century. Alongside discussions concerning its role in infrastructure development and regional connectivity, serious criticisms have emerged regarding the financial and political consequences of Chinese lending activities in developing countries. Among these criticisms, the concept of “China’s debt trap diplomacy” has received significant attention in political, media, and academic debates, particularly in Western strategic discourse. According to this perspective, China intentionally provides large-scale loans to economically vulnerable countries through BRI projects in ways that create unsustainable debt burdens and eventually enable Beijing to gain strategic advantages when debtor states face repayment difficulties. The case of Sri Lanka’s Hambantota Port has frequently been presented as a key example supporting this claim. At the same time, an increasing number of scholars have challenged the analytical validity of the debt trap narrative and questioned whether debt crises in borrowing countries can genuinely be attributed to a deliberate Chinese geopolitical strategy. In this context, the present article examines the nature of China’s infrastructure financing under the BRI and evaluates the extent to which the debt trap diplomacy thesis corresponds with the actual patterns of Chinese lending, the debt structures of host countries, and the governance mechanisms of the initiative itself. <strong> Theoretical Framework</strong> The theoretical framework of this article is based on two main analytical dimensions: the conceptual foundations of the debt trap diplomacy thesis and the governance structure of China’s Belt and Road Initiative. The debt trap argument assumes that China follows a centralized and intentional strategy aimed at creating unsustainable debt in order to obtain strategic assets or political influence in borrowing countries. However, drawing on recent studies of the Chinese party state, particularly the works of Lee Jones and Shahar Hameiri, the article argues that the governance structure of the BRI is fragmented and decentralized rather than fully centralized. Various actors, including state-owned enterprises, financial institutions, and local authorities, participate in BRI projects while pursuing both political and commercial interests. Consequently, many of the problems associated with BRI projects are better understood as the outcome of overlapping economic interests, bureaucratic competition, and weak governance conditions in host countries rather than evidence of a coherent Chinese strategy of deliberate debt entrapment. <strong> Methodology</strong> This article employs a descriptive and explanatory research method to examine the validity of the debt trap diplomacy thesis in relation to China’s Belt and Road Initiative. The study is based on qualitative analysis of academic literature, policy reports, financial data, and documented experiences of several borrowing countries involved in BRI infrastructure projects. In order to test the main hypothesis, the article analyzes key elements associated with the debt trap argument, including the governance structure of the BRI, patterns of Chinese lending, the role of debt in financial crises of host countries, and China’s responses to cases of debt distress. Comparative examination of cases such as Sri Lanka, the Democratic Republic of Congo, Ecuador, Kenya, and other developing countries is also used to evaluate whether Chinese financing practices support the claim of a deliberate strategy of debt entrapment. <strong> Results and Discussion</strong> The findings of the article indicated that although a considerable number of BRI infrastructure projects have contributed to rising debt burdens and financial vulnerabilities in several host countries, the available evidence does not support the claim that China systematically and deliberately employs a strategy of debt trap diplomacy for the purpose of seizing strategic assets. The analysis demonstrates that debt crises in many borrowing countries are rooted in broader structural problems, including weak governance, corruption, poor economic planning, and excessive dependence on external borrowing from multiple international creditors rather than China alone. Cases frequently cited in support of the debt trap thesis, particularly Sri Lanka, reveal that Chinese loans represented only a portion of overall external debt and that the major sources of financial vulnerability often originated from international capital markets and domestic policy failures. At the same time, the study shows that Chinese state-owned enterprises and financial institutions frequently prioritize commercial interests and resource access in BRI projects, especially in countries with weak institutional capacity. Consequently, while Chinese financing practices may contribute to debt-related difficulties and reflect opportunistic economic behavior, the evidence does not confirm the existence of a coherent and centrally directed Chinese strategy designed to intentionally entrap countries in unsustainable debt. Conclusion      The article concludes that the debt trap diplomacy narrative oversimplifies the complex realities of China’s Belt and Road Initiative and is heavily influenced by the broader geopolitical rivalry between China and Western powers. Although Chinese infrastructure financing has, in some cases, intensified debt vulnerabilities and generated significant political and economic criticism, these outcomes cannot automatically be interpreted as evidence of a deliberate strategy aimed at appropriating strategic assets of borrowing states. The fragmented and decentralized nature of BRI governance, the diverse motivations of Chinese actors involved in overseas projects, and the important role of domestic governance failures in host countries all challenge the validity of the debt trap thesis in its strongest form. Nevertheless, the study also emphasizes that China’s overseas financing practices are not purely developmental or altruistic, since Chinese institutions often pursue commercial advantages and strategic economic interests through these projects. Therefore, a balanced and evidence-based understanding of the BRI requires moving beyond highly polarized interpretations and examining Chinese international economic activities within the broader context of global political and economic competition. <strong>Ethical Considerations</strong> Not applicable <strong>Funding</strong> Not applicable <strong>Conflict of interest</strong> The authors declare no conflict of interest     با گذشت بیش از ده سال از پیش‎برد ابتکار کمربند و راه چین، نقدهایی جدی درباره پیامدهای منفی فعالیت‌های مالی و زیرساختی چین در کشورهای میزبان مطرح شده است که یکی از مهم‌ترین و پرتکرارترین این نقدها، در چارچوب ایده «دیپلماسی دام بدهی چین» مطرح شده است. نوشتار پیش رو کوشیده است ضمن بررسی جنبه‌های مختلف فعالیت‌های تأمین مالی چین در پروژه‌های زیرساختی ذیل ابتکار کمربند و راه، صحت ادعاهای مطرح‌شده در قالب ادعای «تله بدهی» را مورد ارزیابی قرار دهد. پرسش اصلی پژوهش مبتنی بر روش توصیفی-تبیینی این است که «شیوه اداره ابتکار کمربند و روش‌های تأمین مالی پروژه‌های ذیل آن در کشورهای میزبان تا چه اندازه ادعای «تله بدهی» را تأیید می‌کند؟» فرضیه‌ای که در پاسخ مورد آزمون قرار گرفته این است که «ماهیت غیر متمرکز و گاه متناقض اداره ابتکار کمربند و راه به همراه روش تأمین مالی و واکنش مؤسسات مالی چین به موارد بحران بدهی کشور میزبان، اولویت داشتن منافع طرف چینی در این طرح‌های مشترک را تأیید می‌کند، اما نمی‌تواند ایده تله<em>‎</em>گذاری برای دست‌اندازی به دارایی‌های راهبردی کشور میزبان را اثبات نماید». یافته پژوهش این است که بسیاری از تحلیل‌ها و ارزیابی‌ها درباره ابتکار احیای راه ابریشم متأثر از فضای رقابتی موجود میان غرب و ایالات متحده در عرصه‌های مختلف بین‌المللی است و درک بهتر ماهیت فعالیت‌های چین در این حوزه برای پایه‌ریزی بهتر منافع ملی، نیازمند فاصله گرفتن از نگاه‌های حب و بغض گونه نسبت به آن است. https://ipes.razi.ac.ir/article_4292_d3ea8e0f5d6789309d1dd229354c090c.pdf