New Delhi, Jul 11 (TIWN): China employed its devious 'Debt Trap Diplomacy' to gain a strategic edge over Sri Lanka, an independent foreign policy think tank said on Saturday after Lankan Prime Minister Ranil Wickremesinghe resigned making way for an all-party cabinet to assume control of the country.

"In response to Sri Lanka's financial crisis, China employed its devious 'Debt Trap Diplomacy' to gain a strategic edge over the nation and hold its economy hostage. The port cities of Hambantota and Colombo have been leased to China for 100 years. China is now the second largest lender to Sri Lanka, holding more than 10 per cent of Sri Lanka's outstanding foreign debt in 2019," Red Lantern Analytica said in a statement.