China denounces ’debt crisis’ rhetoric on ’Belt and Road’ at G7; asks bloc to deliver their promises

Global Times: President of the European Commission Ursula von der Leyen aid at a G7 session that “Many emerging and developing countries are looking for sustainable funding opportunities. The Belt and Road Initiative looked like a good cheap offer. But many countries in the Global Chinese loans and ended up in a debt crisis. ” She added that G7 should offer win-win partnerships to developing countries that are willing to work with them, and that “we have to be fast and we have to get concrete”. Do you have any comment? Mao Ning: Hearing this rhetoric, we can’t help but ask what the G7, as the wealthiest countries in the world, has visibly contributed to the wellbeing of developing countries? Why is the G7 so obsessed with smearing and disrupting the normal cooperation between developing countries? China will always be a member of the big family of developing countries. Our cooperation with fellow developing countries is aimed for common development, which has been highly commended by the latter. The reason why the Belt and Road Initiative has become a much welcomed public good is because it is committed to wide consultation, joint contribution and shared benefits. We never impose our thinking onto others, nor do we slip into the initiative any selfish geopolitical agenda. We pursue mutually beneficial and win-win cooperation and common development that is more inclusive, balanced and beneficial to all.  China attaches high importance to the issue of debt sustainability and has been helping fellow developing countries to ease their debt burdens to the best of its capability. According to the report by a relevant research institution,China has contributed as much as 63 percent of the total debt payments suspended under the G20’s Debt Service Suspension Initiative (DSSI), more than the G7 countries combined. A recent report by the Boston University Global Development Policy Center noted that the investment and financing cooperation between China and fellow developing countries is driven by the recipient country’s vast, real demand, and such cooperation could help these countries to overcome bottlenecks in development, unlock growth potential and increase global real income by up to three percent.  If the G7 really cares about developing countries, they need to deliver their promises including spending 0.7% of their Gross National Income (GNI) as Official Development Assistance (ODA) annually and mobilizing $100 billion per year for climate action in developing countries. They need to step up to more international responsibilities and obligations and do more concrete things for developing countries.  __________________ ShanghaiEye focuses on producing top-quality contents. Nobody knows SHANGHAI better than us. Please subscribe to us ☻☻☻ __________________ For more stories, please click ■ What’s up today in Shanghai, the most updated news of the city ■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them ■ What Chinese people’s lives are like during the post COVID-19 period ■ Views of foreign scholars on China and its affairs ■ Foreign faces in Shanghai, people living in this city sharing their true feelings ■ Mini-docs showing why China is the country it is today __________________ ☎Leave us messages if you have any suggestions or questions! Thank you!