Yes, I do agree that China needs to do some proper vetting of who receives benefit from it. Blind benevolence is naive and can be counter-productive at times. Why should China help some idiot government, and their foolish populace, if the end result is loss in investment, and getting double the blame for debt than any other country? Why is it ok to borrow from India, Japan and the West, and go bankrupt from them, than to do the same thing with China? Its just simple propaganda. Which China is quite weak at, and has little chance to deal with Western propaganda.
Blaming China is so easy in the 3rd world. Malaysia is one of the best example. Like Sri Lanka but not there yet, Malaysia borrowed more from the IMF, ADB, Japan, and the West than China. Then in 2015, the 1MDB scandal came, and NED-influenced media started campaigning against Chinese investments in Malaysia, calling them, yes you've guessed it: debt traps. This campaign was a stunning success, with the new Malaysian govt in 2018 stopping practically all Chinese investments into Malaysia. Malaysia turned to Japan to take on Samurai Bonds aka more debt from Japan. Did it work? Hell no! All Malaysia got was more debt to service. The Chinese debts at least had development activities. All the other debts is just more debt. Everyone remembered the quote: “If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.” Malaysia is sitting on a debt timebomb not so dissimilar to Sri Lanka. More debt, but negligible economic growth, its unsustainable. Yet most Malaysians still blame China for their economic woes. Before it was debt trap, now it is Covid-19. Idiots. Malaysia is lucky to have Oil and Gas to alleviate the debt problems. When those start to dwindle, that's when Malaysia will get into some really deep shit.
Sri Lanka's case is a very difficult situation. The lion's share of its debts are owed to the IMF, ADB, and Japan. Only 10% are owed to China. Yet because of financial mismanagement by the government, Sri Lanka is in this mess. And in this kind of mess, it is so easy to blame China. Western and Indian media have much more influence in Sri Lanka than Chinese media will ever have, and that is a fact. Even if the next Sri Lankan government tilts fully into the West and India, they won't ever get out of this problem. India in is just donating more aid to Sri Lanka, its a short term fix. Without China's BRI's long term fix, Sri Lanka will be stuck in this desperate situation in perpetuity. Unfortunately, the average Sri Lankans are still gonna be influenced by the West and India to blame China for this. This is so infuriating.
Should China help Sri Lanka to bail out? No, China must stick to its BRI program. But China can be more proactive to iron out the actual issues. Nevertheless, China does need to work on its PR. China could do better with donating some short-term reliefs such as food, medicine, and fuel to ease the PR fall out. Perhaps China should at least talk about restarting some tourist programs with Sri Lanka, or buying some more exports, anything to give Sri Lanka something to look forward to. Some PR stunt can be useful in this situation. Just sitting back and allowing Sri Lanka to free fall is not a good idea. It won't help China's reputation as an investor in the eyes of Nepal, Pakistan, and Bangladesh. Plus it'll give India and the West a massive PR coup in South Asia.