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Wang Yi Refutes the Claim that "China's Financing Increases the Debt of African Countries": African People Have Their Fair Judgement

On January 14, 2018 local time, Foreign Minister Wang Yi jointly met the press with Minister of External Relations Manuel Domingos Augusto of Angola after holding talks in Luanda. Reporters asked about China's views on the claim by some people in the international community that the financing provided by China to the African countries including Angola has increased the debt burden of countries concerned and that there are political considerations behind it.

Wang Yi expressed that this claim is full of groundless words with an attempt out of ulterior motives. In recent years, with China-Africa cooperation having been increasingly expanded and deepened, China has indeed increased its financing support to the African countries. However, it needs to be stressed that China has always adhered to the following basic principles in this process:

First, the response made to the development demand of Africa itself. Any country has huge capital demand at the initial stage of economic take-off and industrialization and Africa is of no exception for sure. Based on the wishes put forward by the African countries, China provides financing support within its due capacity and offers timely assistance to the economic and social development of the African countries, which has been unanimously recognized and welcomed by all countries.

Second, never attach any political conditions. Like African countries, China had a painful experience of having its economy under the control of the foreign countries and then suffering unfair treatment and even being exploited and oppressed. Therefore, China will never do what the western countries have done or impose its will on others no matter in assistance or cooperation, but will always respect and help Africa, considering both righteousness and benefit with the former as the top priority.

Third, stick to the principle of mutual benefit and win-win results. The nature of China-Africa cooperation is South-South cooperation, one of whose major characteristics is equal treatment, mutual benefit and win-win results. Only by doing in this way can sustainable and long-term cooperation be achieved and common development of both sides realized. To this end, the financial support given by China to Africa must undergo serious feasibility studies and market-oriented arguments to ensure that each cooperation project can achieve the desired economic and social effects.

Wang Yi emphasized that the current debt of some African countries is the result of long-term accumulation. The solution to debt issues has been clear, which is to achieve diversified economic development by taking the path of sustainable development. China firmly supports this solution and stands ready to make efforts to help Africa enhance its independent development capacity and achieve the virtuous cycle of economic and social development. We are glad to see that the African economy bottomed out last year and all African countries have been aware of the importance of sustainable development. The development of Africa is still promising.

Wang Yi expressed that there is a saying in China that "Only your feet can tell whether your shoes are suitable or not". Africa has the best say on China's cooperation with Africa. There is another saying in China that "Justice naturally inhabits man's heart". African people will have their own judgement and naturally come to the fair conclusion that who helps Africa sincerely and who is the most reliable partner of Africa.

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