Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Beijing refutes West's claims of 'Chinese debt trap' in Africa

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Aug 2022 22:17
  • 1 Shares
3 Min Read

China hits back at the US claims that it is setting up a debt trap in Africa as Beijing grows closer to the African continent.

  • x
  • The West is trying to undermine China's close ties with Africa
    Chinese President Xi Jinping speaks next to South African President Cyril Ramaphosa and Equatorial Guinea President Teodoro Obiang Nguema Mbasogo during the 2018 Beijing Summit of the Forum on China-Africa Cooperation - Round Table Conference at the Great Hall of the People in Beijing, China on September 4, 2018 (Lintao Zhang/Pool via REUTERS/File Photo)

The Western claims of Beijing setting up a "Chinese debt trap" in Africa are baseless and irresponsible, Chinese Foreign Ministry spokesperson Wang Wenbin said on Thursday.

Wang provided a list of data to show the win-win nature of Sino-African cooperation while criticizing Western officials and media over their attempts at driving a wedge between China and developing nations by using false claims.

Asked about claims of a "Chinese debt trap" raised and pushed by US Secretary of State Antony Blinken during a trip to Africa, Wang said at a regular press conference on Thursday that such claims were only used by US and other Western officials to shift responsibility.

According to data from the World Bank, at the end of 2020, bilateral creditors held 26% of the foreign loans of 82 low and medium-income countries, while commercial creditors and multilateral creditors made up 40% and 34%, respectively. China held less than 10% of the total external debts.

In the newly-added $475.2 billion of external debt in low and medium-income countries between 2015 and 2020, commercial debt from the global financial market accounted for 39%, Wang highlighted, quoting a European Network on Debt and Development survey that showed that 95% of sovereign debt in 31 indebted countries was held by Western financial firms.

For the upcoming better half of a decade, $940 billion need to be paid by low and medium-income countries, a World Bank estimate said. Among this total, 67% will go to Western financial firms and creditors, while only 14% will go to China, amounting to some $130.8 billion.

Related News

Supreme Court clears fast-track deportations to random third countries

China-US trade falls 10.4% in H1-2025 to $289.36 billion

Wang said China-issued loans have fixed and lower interest rates than the 5% commercial rate, and the 4-10% rate of 10-year-long sovereign debt issued by the African Development Bank.

The spokesperson highlighted that China has been actively working on helping reduce debt repayment burdens on developing countries, including the full implementation of the G20 debt service suspension initiative.

Western creditors and multilateral institutions, which hold a greater portion of developing countries' debt, on the other hand, refuse to participate in the initiative, he said.

Certain Western officials and media are attempting to hype the "Chinese debt trap" claim to undermine cooperation between China and other developing countries, Wang said. However, "they will not fool intelligent people in those developing countries."

Wang said earlier in the day that his country was calling on the United States to sever any official contacts it has with Taiwan, including negotiations on official trade and economic agreements.

Wang underlined his country's readiness to take decisive measures in order to protect its sovereignty in light of rising tensions between Beijing on the one hand and Taipei and Washington on the other.

"We demand that the US strictly comply with the one-China principle and the provisions of the three China-US joint communiques, stop any form of official contacts with Taiwan and refrain from negotiating and signing official agreements with Taipei," the diplomat said.

Check out: China is a more preferable trade partner to Taiwan than the US

  • United States
  • Taiwan
  • Africa
  • China
  • Antony Blinken

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS