Beijing, October 19, 2023— China has firmly rejected recent accusations by U.S. officials that its international development efforts are creating a “debt trap” for developing nations. Li Ming, spokesperson for the China International Development Cooperation Agency (CIDCA), stated on Thursday that no partner countries have accused China of leading them into debt difficulties.
“China attaches great importance to the debt issues facing developing countries,” Li Ming said in a statement posted on the agency’s website. “We have consistently adhered to the principles of equal consultation and mutually beneficial cooperation to help these nations alleviate their debt burdens and achieve sustainable economic growth.”
Li Ming’s remarks came in response to claims made during a recent U.S. congressional hearing, where officials alleged that Chinese aid results in unsustainable debt levels and disregards human rights while fueling corruption.
“The U.S. accusations are untenable,” Li Ming countered. “While offering loans on favorable terms, China respects the autonomy of recipient countries, allowing them to propose projects and agree upon terms that suit their development needs.”
Emphasizing the positive impact of China’s international cooperation, Li Ming cited a World Bank report indicating that the full implementation of the Belt and Road Initiative (BRI) could boost trade among participating countries by 4.1 percent and increase global real income by 0.7 to 2.9 percent. “By 2030, the BRI is expected to generate $1.6 trillion in annual business revenue worldwide,” he added.
Li Ming also highlighted that Western-dominated commercial creditors and multilateral financial institutions hold a significant portion of the debt burdens faced by developing countries. He reiterated China’s commitment to working with international partners to promote sustainable development and address global economic challenges.
Reference(s):
cgtn.com
