I was discussing it today with someone, who insisted it was neo colonialism.
I know, they're saying that mainly out of brainworms rather than actually researching it, but there are parts of the deal that seem off to me.
China invested a fuck ton. An absolute fuckload. 0% interest loans, and even grants where they'd build massive infrastructure like airports and bridges for free. I can see how that sets them apart from colonial projects.
However, authority over the port was 'awarded' by Pakistan to a Chinese state run company, and terms were agreed upon by which China takes 90 percent of the profits, and Pakistan takes 10.
On the one hand, Pakistan wouldn't be making any of that money if left to their own means, on the other, that profit balance seems harsh? I guess China have to make their money back after all that great investment somehow.
My defence of it is sure, the port ended up like that, but the rest of the investment didn't. The whole Gwadar region has been transformed at an efficient cost (not bloated by profiteering capitalist contractors, as Iraq was), with non exploitative loans agreed upon by Pakistani leaders not placed in power by violence (as is usually the case with IMF loans - a coup happens first). Only the port has been taken over in such a way, and in time I predict that Pakistan's relationship with China will be much to their own benefit.
My read is that these deals are basically fair, or close to it. Not a giveaway, but not a rip-off. Debatable who is getting the better deal, but at the end of they day everyone involved is benefitting so there's not much point in debating every cent.
Anyone who thinks that's "neo colonialism" just has no concept of what colonialism or imperialism was/is; it's not sub-optimal contract terms, it's being looted and murdered and exploited and invaded and couped for hundreds of years. An ok-ish investment agreement is just not in the same universe.
Obligatory Yanis Varoufakis: https://youtu.be/Wl3wQTVTPVo?t=31
It is the wrong video, this is about China in Africa, while I wanted to link the video in which he talks about negotiating with China himself and getting a good deal which included workers rights in it.