China dispels fears about debt risks in BRI

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Our Correspondent

Bejing

China’s foreign ministry spokesperson, Geng Shuang has dispelled fears regarding risks in CPEC loans being extended to participating countries. At a regular press conference he said, the Belt and Road Initiative proposed by China aims to promote connectivity, advance international cooperation and achieve the common development of all relevant countries adding many participants of the Belt and Road cooperation are developing countries with a great demand for infrastructure construction. Following the principle of extensive consultation, joint contribution and shared benefits.
The Belt and Road Initiative has provided these countries with new opportunities and possibilities for shoring up weak links, breaking the bottleneck, improving the livelihood and developing their economies. This is one of the important reasons why this initiative is welcomed by a large number of developing countries.
The spokesperson said: “When advancing the international cooperation on the Belt and Road Initiative, China always follows the market principles and common international practices and attaches importance to debt sustainability.
In May last year, the Joint Communiqué of the Leaders Roundtable and the Belt and Road Financing Guiding Principle released at the Belt and Road Forum for International Cooperation underlined that the Belt and Road projects should give equal consideration to the sustainability of economy, society, finance, environment and debt”.
He pointed out that since its inception five years ago, the Belt and Road Initiative has been endorsed by over 100 countries and international organizations. “Now it has become the largest platform for international cooperation and the most welcomed international public good.
If it really would bring about so many risks, as certain people said, then I believe it would be impossible for this initiative to win widespread popularity and achieve so much progress.” He believed that the participating countries will bear their own interests in mind to make the choice and decision that could best meet their own development needs.

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