China- Africa Cooperation: Economic Expert Debunks Notion Of ‘ Debt Trap’

FORMER Chief Economist of the World Bank and the Dean, Institute of New Structural Economics at Peking University, Beijing, China, Professor Justin Yifu Lin, has debunked the notion of “debt trap” in the cooperation between China and Africa, describing it as a carefully crafted lie.

Lin, speaking in a meeting with media representatives from Africa and other nations of the world during the week, explicitlystatedthatthe“debt trap” narrative surrounding China and Africa cooperation projects was entirely unfounded.

He contended that ChinaAfrica cooperation projects not only create more job opportunities and promote African exports but also contribute to increased revenue for the continent.

Most Africans have been skeptical about China’s aid to huge loans extend to African countries, and have expressed worries that the huge debt owed China might be a trap, but Lin urged Africans to see China only from the perspective of supporting Africa’s development and helping it to improve its ability to develop independently and sustainably.

Recall that the 13th Meeting of the China- Africa Think Tanks Forum, which held in Dar es Salaam, Tanzania, on March 8, jointly issued the “Africa- China Dar es Salaam Consensus” also known as “Consensus Among African and Chinese Think Tanks on Deepening Global

Development Cooperation.” The consensus had urged the international community to strengthen cooperation based on principles of mutual respect, unity, openness, win- win cooperation and common prosperity, in a bid to promote modernization and build a community with a shared future for humanity. The consensus also advocated for the integration of effective markets and proactive governments to stimulate endogenous development dynamics.