Re: China's loans come with no strings attached.
"not cheat by attempting to undercut them later."
If you do the wheeling and dealing right, you can ensure the undercutting badly hurts those making the offer whilst removing most (if not all) of the usual conditions they'd apply, essentially making the project a "gift" with no strings and no repayments.
Such is the fun when you're dealing with countries that are driving a political, not a business agenda. China's taking advantage of the world free trade system in the same way that Germany did in the 1840s-1914 period (by being good at it) and facing the same political forces that caused Germany to feel compelled to build a bluewater navy.
The difference _THIS TIME_ is that China's also building an extensive land transport system for moving goods across Eurasia and Africa that can't be blockaded along with a backstop land route into Africa whilst re-establishing a number of major African trading points that the Portuguese pounded flat 500 years ago as part of their effort to establish themselves as a sea trading power by destroying the Silk Road (which also included teaming up with the Burmese to revolt against the Khanate empire, break the road at its most strategic point and allowed the burmese to then start invading their neighbours for the next 400 years - breaking a lot of neighbouring kingdoms in the process and ruining healthy trade for a few centuries.)
Yes, their loans come with plenty of strings attached (mainly of the Pax Morporkia variety) but the countries involved see it as crucial to reestablishing themselves without colonial shackles - which STILL exist.