Editorial
Wang Wenbin Refutes the Belt and Road Debt Crisis
Seetao 2023-04-12 11:32
  • At present, China has provided hundreds of thousands of jobs for the people of African countries
  • Data show that all Chinese lending to Africa accounts for only 5% of all outstanding public and publicly guaranteed debt in low- and middle-income countries
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At the regular press conference of the Ministry of Foreign Affairs on April 10, 2023, the reporter asked: Recently, some senior U.S. officials and World Bank officials accused China of Africa's debt problem, saying that China is an obstacle to debt relief for African countries, and asking China to restructure the debt of African countries. do more work. What's your comment on this?

Wang Wenbin: The relevant statement has no factual basis. China attaches great importance to and actively helps Africa deal with its debt problems. Among the G20 debt suspension initiatives, China has made the biggest contribution. The latest research results of the China-Africa Institute of Johns Hopkins University in the United States show that China has actively participated in the G20 debt suspension initiative, contributing as much as 63% of the debt suspension. The report also pointed out that China has conducted good communication with other participants, effectively implemented debt suspension measures, and performed its duties well.

Nigerian Vice President Osinbajo said in a speech at King's College London that China is a better ally for Africa than the United States, Britain and other countries

A few days ago, Nigerian Vice President Osinbajo said that Western governments' attention to the so-called China debt trap is an overreaction. African countries have no complaints or regrets about their close relationship with China. Africa needs China to help build infrastructure. China will appear at a place and time where the West will not or does not want to. China is Africa's better friend.

China has always been committed to providing support for the economic and social development of developing countries, including African countries, has always carried out investment and financing cooperation with developing countries based on the principle of equality and mutual benefit, and has always done its best to help developing countries ease their debt burdens. China is not the source of the debt trap of African countries, but a partner helping African countries and other developing countries get out of the poverty trap. Some US and Western politicians are weaving all kinds of discourse traps in an attempt to disrupt China's cooperation with developing countries. Their tricks have been seen through by the developing countries and the international community, and there is less and less market for them.

The World Bank statistics report shows that in Africa's overall external debt, the debt held by multilateral financial institutions and commercial creditors accounts for nearly three-quarters, which is the largest debt in Africa. Among them, the debt held by the World Bank and the International Monetary Fund accounts for nearly 70% of the total amount of multilateral financial institutions. The United States is the largest shareholder of the World Bank and the International Monetary Fund, and financial capital from the United States and Europe is the largest commercial creditor of African countries, and they are duty-bound to participate in solving Africa's debt problems. We urge the US side to earnestly shoulder its responsibilities and make greater efforts to promote the substantive participation of multilateral financial institutions and commercial creditors in dealing with Africa's debt issues.Editor/Ma Xue


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