BELT AND ROAD TO NOWHERE? China’s Checkbook Diplomacy Has Bounced.

In the span of a decade, China has emerged as the developing world’s bank of choice, pouring hundreds of billions of dollars in loans into global infrastructure projects as part of its sprawling Belt and Road Initiative (BRI).

But as its borrowers fail to pay up, China is finding that its newfound authority is coming at a price. Eager to recoup its money, Beijing is transitioning from generous investor to tough enforcer—and jeopardizing the very goodwill that it tried to build with initiatives such as the BRI. China has broken a few bones in Sri Lanka, whose financial turmoil allowed Beijing to seize control of a strategic port, and is hassling Pakistan, Zambia, and Suriname for repayment.

For two decades, countries “were getting to know China as the kind of benevolent financier of big-ticket infrastructure,” said Bradley Parks, the executive director of the AidData research group at William & Mary. Now, he said, “the developing world is getting to know China in a very new role—and that new role is as the world’s largest official debt collector.”

The third world leaders who took the money were either suckers or on the take — and there probably weren’t any suckers.