China rejects allegations that its financial assistance worsens debt burden of African countries

Beijing. January 15. Silkroadnews - China rejects allegations that its financial assistance worsens debt burden of African countries, the Global Times reported.
“Chinese Foreign Minister Wang Yi on Sunday rebuked a false claim that China’s financing has increased the debt burden of African countries,” the report said.
According to Wang Yi, such accusations are obviously false and there are some hidden motives behind them.
Wang noted that with the deepening of China-Africa cooperation in recent years, China has indeed increased financial support for African countries. However, in this process, China has always adhered to the following fundamental principles, he stressed.
First, China’s financing meets Africa’s requirements for self-development. Every country has a huge need for capital at the initial stage of economic recovery and industrialization, and the country of Africa is no exception. China, to the best of its ability, has provided funding for socio-economic development in response as requested by African countries.
Secondly, China has never set political conditions. Like African countries, China also had memories of a bitter past when its economy was unfairly exploited by foreigners. Thus, by helping Africa, China will not repeat what Western countries have done, and will never impose its views on others.
Third, China has always adhered to the principle of mutual benefit and win-win results. Sustainable and lasting overall development can be achieved only through cooperation and mutual benefit. To this end, China’s financial support for Africa has always undergone a process of feasibility study using a market-based approach so that economic and social consequences can be achieved after each of the joint projects.
Wang noted that the current debts in some African countries have accumulated over a long period of time.
According to him, China is a strong supporter of the efforts African countries make to correct the problem through sustainable development and economic diversification.
According to him, China will continue to make its contribution to helping Africa to increase its potential for self-development and achieve significant economic and social growth.