China's got something to say! 🇨🇳✋
On Thursday, Li Ming, spokesperson for the China International Development Cooperation Agency (CIDCA), refuted the U.S.'s 'debt trap' allegations. He made it clear that no partner countries believe China has led them into a debt trap. Instead, he pointed out that Western-dominated commercial creditors and multilateral financial institutions hold a big chunk of developing nations' debts.
'China attaches great importance to the debt issues facing developing countries,' Li said in a statement on CIDCA's website. 'We've followed the principle of equal-footed consultations and mutually beneficial cooperation to help these countries ease their debt burdens and achieve sustainable economic growth.'
The U.S. had earlier accused China during a congressional hearing of causing debt traps through its aid, claiming projects like the Safe City initiative disregard human rights and fuel corruption. But Li wasn't having any of it. 'The U.S. accusations are untenable,' he stated. He emphasized that China offers loans on favorable terms, always ensuring that recipient countries propose projects and agree to the terms.
Li also highlighted that China's loans and cooperative projects have boosted economic growth in partner countries. Citing a World Bank report, he noted that the full implementation of China's Belt and Road Initiative could increase trade among participants by 4.1% and global real income by up to 2.9%. By 2030, this initiative is expected to generate $1.6 trillion in business revenue globally every year! 🌍💹
Looks like China's sending a clear message: They're all about mutual growth and cooperation, not trapping anyone in debt! 🤝🌟
Reference(s):
cgtn.com
