China and Africa have built a robust partnership over decades, focusing on infrastructure, agriculture, healthcare, and education. Despite this, some Western media and politicians accuse China of creating debt traps and practicing neo-colonialism. CGTN's new series \"China-Africa Cooperation: Debunking Western Myths\" aims to clarify these misconceptions.
In reality, the term \"debt trap\" is often used by the West to mask its own financial interests. According to the World Bank's International Debt Statistics, in 2022, African nations owed $655.6 billion to external creditors. China's public lending made up less than 10 percent of this debt, while over 35 percent was owed to Western banks and institutions, which typically charge higher interest rates.
Christopher Mutsvangwa, secretary for Information and Publicity for the Zimbabwe African National Union Patriotic Front, highlighted that Western loans to Africa are significantly more expensive compared to those from China. This disparity underscores the benefits of Chinese investments, which have facilitated the construction of railways, highways, bridges, ports, and power infrastructure across the continent, creating millions of jobs.
Experts like William C. Kirby from Harvard University emphasize that China's approach to Africa is rooted in long-term development assistance and investment, rather than short-term gains. This strategy has enabled significant progress in African economies, fostering sustainable growth and development.
Contrary to Western narratives, leaders like Macky Sall of Senegal praise the low-interest rates and efficient project completions associated with Chinese loans. Hannah Ryder, CEO of Development Reimagined, points out the gap filled by China in funding infrastructure projects that Western organizations have neglected.
The true essence of the China-Africa relationship is mutual benefit and genuine development support, not power struggles or exploitation. As Africa continues to grow, the partnership with China stands as a testament to what cooperative international relationships can achieve.
Reference(s):
cgtn.com
