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Vice Foreign Minister Le Yucheng:Whether it is a Pie or a Trap, Let Facts and Results Speak for Themselves.

2018/09/26

Le Yucheng, Chinese Vice Minister for Foreign Affairs, rejects media reports that China has created traps for some countries in an interview with the Financial Times.

He says, for the issue of debt, there are many causes. In some countries, the economic fundamentals are not sound. In some cases, the debt has been built up over a long period of time. There are also factors like changing international economic environment. In the international investment and financing market, China is a latecomer. It's just been five years since the BRI was first put forward. And it hasn't been that many years since Chinese businesses started to explore the global market. So one should not hold China accountable for all the debts.

In Africa, Chinese investment is mainly in the infrastructure sector. It may take a long time to yield returns, but it's valid asset that will see its value grow in time. So in the long run, it is conducive to the hosting countries. We Chinese often say that if you want to get rich, build roads first. One important reason for Africa couldn't achieve faster development is the underdevelopment of infrastructure.The Chinese investment is focused on Africa's infrastructure in order to help them address the bottleneck that's been holding back their development. The Chinese investment is focused on Africa's infrastructure in order to help them address the bottleneck that's been holding back their development.

According to Forbes, Chinese investments in Africa's infrastructure has generated over 50 billion US dollars of revenue for hosting countries every year. The Mombasa-Nairobi railway has created about 50,000 jobs for Kenya and has contributed 1.5% to its GDP. Some media reports say China has created traps for certain countries. We find it unacceptable because we have made a lot of contributions to those countries. Is it a pie or is it a trap? Let facts and results speak for themselves instead of rushing to conclusions.

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