China Pouring Money into Africa Instead of Care for Laobaixing

Proofreader: Yue Ying Wan Chuan

On November 26, the Information Office of the State Council released a white paper titled “China-Africa Cooperation in the New Era” and held a press conference.
Wu Peng, a Director-General of the China foreign ministry in charge of African affairs, said that insufficient fund stagnates the social development of Africa and China is willing to provide financial assistant as a sincere and friendly partner of Africa. Also, Africa’s debt sustainability is China’s primary focus. Therefore, China will adhere to the concept of intensive development, respecting the will of the African people, based on the actual situation in Africa, and carrying out pragmatic and efficient financial and investment cooperation with the Africans.

Several countries in Africa have fallen on some temporary, interim difficulties because of the pandemic. China is actively implementing the G20 initiative to delay debt service payments for those poorest countries. China has signed the debt relief agreements with 19 African countries compared to other G20 members. China supports to extend The Debt Relief Initiative to the end of 2021 and works with other countries to implement a common framework for the rest of debt.
As Director-General Wu introduced, Chinese government has provided individualized debt relief programs for those who suffered the most during the pandemic. In addition, China has announced the discharge of interest-free government loans due at the end of 2018 for African LDCs, HIPCs, LLDCs and small island states with diplomatic relations with China. Furthermore, after the pandemic, the Chinese government also announced the discharge of interest-free loans due at the end of 2020 for 15 African countries.

However, the pandemic caused severe financial stress for Chinese people. Laobaixing is getting less income and carrying various high-interest loans. There have been no free-interest loans for Chinese people in history. Regardless of disaster we had been through, Chinese people had to pay back their loans with high-interest fees. A phrase says, “ free for International partners rather for domestic slaves”, but the fact is the Chinese people live worse than domestic slaves.

Source: 中共政府无视百姓疾苦,“大撒币”免除他国贷款 – GNEWS

Published by:wenhong
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