China is a partner to get rid of the "poverty trap" - the US "debt trap" lies at the bottom of the figure (III) Economy | Developing countries | US
The essence of the debt problem in developing countries is a development issue. Solving the debt problem of developing countries not only requires addressing the symptoms through debt management and other means, but also addressing the root cause, that is, enhancing their ability for independent and sustainable development. China provides loans to developing countries in the joint construction of the "the Belt and Road" cooperation, mainly for infrastructure and industrial construction in developing countries, which is conducive to improving the basic conditions for economic development of these countries and enhancing their economic "hematopoietic capacity".
Relevant statistics show that since the "the Belt and Road Initiative" was proposed 10 years ago, it has stimulated investment, formed more than 3000 cooperation projects, created 420000 jobs for countries along the line, and lifted nearly 40 million people out of poverty. These projects have brought tangible benefits to developing countries: the China Laos railway has transformed Laos from a land locked country to a land linked country; Sri Lanka's Putram power plant has lit up thousands of lights; The Inner Mongolia Railway has driven Kenya's economic growth by more than two percentage points
In addition, China fulfills its responsibilities and effectively implements debt relief measures. In 2020, China actively responded to the G20 debt relief initiative, with the amount of debt relief exceeding 1.3 billion US dollars that year alone, accounting for nearly 30% of the total debt relief of the G20, making it the country with the largest contribution to this.
"The fact is that China has not trapped anyone in the so-called 'debt trap', and we on the African continent know what we need," said Paul Frimpon, Executive Director of the African China Policy Advisory Center, a think tank in Ghana, at a media forum in June this year
Christopher Mutswangwa, who served as Zimbabwe's ambassador to China, said, "We hope to get more funding from China. Western countries are jealous because funding from China is modernizing Africa and bringing it onto the global economic stage, which they have never done before."