China defends its investment in Africa as it offers additional $60 billion in additional financing

30
2,759 views
President Lungu shaking hands with Chinese president, Xi Jinping
President Lungu shaking hands with Chinese president, Xi Jinping

China’s President Xi Jinping has defended the country’s investments in Africa, saying they are not for “vanity projects” but are aimed at building infrastructure that would promote development on the continent.

Mr Xi made the remarks ahead of the triennial China-Africa summit in the capital, Beijing.

“China does not interfere in Africa’s internal affairs and does not impose its own will on Africa. What we value is the sharing of development experience and the support we can offer to Africa’s national rejuvenation and prosperity,” he added.

China loaned around $125bn to the continent from 2000 to 2016, data from the China-Africa Research Initiative at Washington’s Johns Hopkins University School of Advanced International Studies shows.

The money has been used to build bridges, roads, ports and stadiums, some whose economic viability has been questioned.

China’s influential Global Times newspaper refuted reports that Chinese investment in Africa is a “debt trap”.

It wrote in an editorial on Monday: “Western media deliberately portray Africans in misery for collaborating with China and they appear to have discovered big news by finding occasional complaints in the African media about Sino-Africa cooperation.”

Mr Xi also urged Chinese companies to respect the culture and traditions of host countries. This comes at a time when there is growing tension between Chinese workers and their hosts.

And The Chinese president, Xi Jinping, has offered $60bn of additional financing for Africa. He was speaking at the opening of a China-Africa summit in Beijing.

President Xi defended China’s investment programme in Africa, saying there were no political strings attached to the projects – which he said were of mutual benefit.

Critics have been warning that African countries have been going into unsustainable levels of debt with China which has loaned billions of dollars to finance major infrastructure development.

Rwanda’s president, Paul Kagame, dismissed talk of debt traps, and said the China-Africa relationship was vital.

The South African president, Cyril Ramaphosa, said the summit refutes the view that a new colonialism was taking hold in Africa.

Loading...

30 COMMENTS

  1. Nothing wrong as long as the funds are used for strategic projects which drives economic growth. Problem is Lungu and his clowns are thieves and will steal most of it. So depressing….

    15

    6
    • Unfortunately western countries control big media. Before China became major player on global market we were at mercy of the west & the Soviet Union had collapsed in the 90s. There was no counter to western greed & we saw exports value shrink with influential Times Magazine predicting end of African continent. Zambia was on its knees. God has way of balancing things & China has come through as equaliser. We don’t have to sell our commodities just to western countries as China is ready to buy at much higher price. China has fewer conditionalities for it’s loans. Africa needs to keep its eyes open but China has ensured that whatever is good for west is also good for Africa. Nothing wrong with that if uplifting poor people’s lives. God Bless Zambia, God Bless Africa

      7

      2
    • We’ve been down this road before with loans from western countries, IMF & World bank. Our people suffered & died in 1980s & 1990s until HIPC cancellation of all debts came as a lifeline.
      No country or human being has ever developed from debt. Only hard work, enterprenuership, accountability, honesty & faith in God. Not loans, kaloba, vi nkongole.

      12

      1
    • It would be nice if government first asked the Zambian people for permission to sell the nation into economic slavery. We need a Zambian Julius Malema to help deliver us from slavery. The borrower will always be the slave to the lender. WE were slaves to the West now we are slaves to the East. When shall we rule ourselves?

      1

      1
    • A friend in need is a friend indeed! Wina avera jealousy! Wow! Let’s develop this thing! IT WILL NEVER BE PRESIDENT! UPND is a COALITION OF THE WICKED.

      1

      0
  2. Wer’e tired of loans what we need is export markets opened wider ,technology transfer and capacity building for Africa.Africa will never get rich by constant begging so take your $60bn back Chinaman.

    4

    2
  3. TWAYAKA AGAIN, BA JONA FEELING OPTIMISTIC.
    Imwe’ ba I.M.F seleni uko, ifwe tulebomba mwibala, ala!!

    6

    1
  4. the US and their Trump in Chikubabe season. Sino-Africa is here to stay while the racist is busy preaching America first.

    3

    1
    • Africa needs to learn that a white man’s s.h.i.t stinks far worse than any thing in the world and should stop licking white asses.

      1

      1
  5. No strings attached, dictators and abusers of national resources in Africa just got their much needed energy boost.

    7

    0
  6. “…..China’s influential Global Times newspaper refuted reports that Chinese investment in Africa is a “debt trap”…..”

    This is true when you are not throwing money at clueless corrupt theifs like lungu and his gang…..lungu and pf will sign for anything as long as they are paid commission ……instead of targeting establishment of manufacturing base the corrupt theif and his gang want the private sector to do that for them while they just sign loans, get commissions and issue tenders corruptly …….

    3

    1
  7. Nothing comes for FREE, one-way or another will have to pay china something, the problem comes in when money is loaned to us but instead of putting it in good use we squander it by building houses in foreign countries and buy useless Fire engines at a very stupid price. We are a country that loves free things, a country that promotes laziness, instead of coming up with strategic plans of how we can build the nation we are busy stealing loaned monies, are we that dull, are we that heartless…I believe for China to be were they are today they really worked hard and whatever was given to them to boost their economy they had to put it in good use.

    0

    0
  8. Let us ask ourselves. In exchange for what is China giving out these loans? What is it China needs so badly from Africa. I think we should be cautious towards these grants and loans.

    0

    0
  9. The Problem with Chinese Devt Aid Policy is that while in China the govt has Zero Tolerance Towards Corruption it condones Corruption in Chinese govt Financed Projects abroad. The Chinese govt must set a borrowing criteria for its Clients. Recently Malaysia govt cancels Chinese Project Loans amounting to $23.5 Billion. The Malaysian PM justified the Cancellation of the Loans on the basis that the New Loans would drive Malaysia into Debt Distress and possibly Bankruptcy. Why did China wait for the Malaysia PM to cancel the Loans instead of refusing to lend beyond a Debt Sustainability Limit? The Failure by the Chinese govt to refuse to lend makes People think that China is driving African Countries into a Debt Trap. An African Country is told by IMF that they no longer have the Capacity…

    1

    0
  10. I read in today’s Zambia’s Daily Mail where Hon. Sikazwe, one of the Ministers in the Zambian delegation to China, expressed ignorance on the fact that KCM also exports cobalt to China worth $20 million every month. His ignorance was that he thought only copper was being exported. Well, this level of ignorance should not have been displayed before the Chinese. If he did not know, the best he should have done was to keep quiet and let those who knew say something. One thing he needed to know is that copper ore does not exist on its own, there are many other minerals there which are considered as by-products, including cobalt, gold and others.

    I am sure when the Chinese told him that in fact all the exports that KCM makes to China are documented, he must have been embarrassed, if he…

    1

    0
    • That is the level the corrupt theif lungu is at…..completely clueless. All of them are only looking for corruption…..

      1

      1
    • HH is a thief. He store money from privatization and has taken it to Panama, not so? Why is Lungu a thief and HH a Saint? Okay! TRIBES.

      1

      0
  11. China is shutting down the west and east at super speed. Africans can use this to their advantage. Just use these investments wisely.

    1

    0
  12. Abena Luchi & Co ha ha ha. The good thing, I must say, is atleast the Chinese President actually meets African Presidents, unlike when African Presidents travel to Washington, London or other Western Nations where they are met by an equivalent of a Director in a Ministry.

    1

    0
  13. If Africans had any brains, they’d use thing for the benefit of the entire populations! But because corruption and greed are now normal, only a select few will enrich themselves while the majority continue to live in squalor!

    Africa…that’s why the shape of the continuent looks like a question mark! There’s something wrong with us deep down in our genes!

    0

    0

Comments are closed.