China Assisting In Africa's Development

Forex News

When faced with criticism about conducting a “debt trap” diplomacy, a top Chinese official stated that China’s government helps Africa develop and not increase its debt. Yesterday, President Xi Jinping promised to give African nations funds of 60 billion dollars.

China's special envoy for Africa, Xu Jinghu explained: "If we take a closer look at these African countries that are heavily in debt, China is not their main creditor". She then added: "It's senseless and baseless to shift the blame onto China for debt problems."

Jinghu also told: "When we cooperate with African countries we will conscientiously and fully carry out feasibility studies, to choose which projects can go ahead. These projects will take into account their development prospects so as to help African countries achieve sustainable development and avoid debt or financial problems,” and: "We need to take into account the fluctuations of the international economic situation which has raised the cost of financing for these African countries and most of them depend on exporting raw materials, the price of which on the international market has been falling", as: "All these have added to the debt problem of African countries."

China's official Xinhua news agency reported that China and Mauritius had concluded the negotiation on a free-trade deal. This will mark the first African country to reach an agreement with China.