China: US is responsible for creating debt traps in the world

“Calling the road belt project a trap,” Chinese Foreign Ministry spokesman Zhao Lijian said in a news interview in response to US accusations against China’s innovative “Road Belt” project, IRNA reported on Tuesday from Xinhua. “Debt is a false narrative.”

He continued his speech by emphasizing that during the last 9 years, this initiative has been launched, which is based on the principles of consultation, participation and common interests. According to the World Bank, if all the belt-and-road transition infrastructure projects are completed by 2030, the world will generate $ 1.6 trillion, or 1.3 percent of the world’s gross domestic product for China’s partner countries.

A spokesman for China’s Ministry of Foreign Affairs noted that the road belt project will save 7.6 million people from absolute poverty and 32 million from relative poverty from 2015 to 2030. In fact, none of the project partners accept the accusation of US “debt trap” to China, but on the contrary believe that the US should be responsible for creating such a trade trap.

He added that US expansionary fiscal policies, negligent oversight and short-sighted sales of developing countries reduce debt burden, which is one of the main reasons why some countries fall into debt traps.

At the end of his speech, Zhao Lijian said that with the new forward-looking initiative by the G7, China has always welcomed innovative projects to improve global infrastructure. Such projects should not contradict each other.

The China Belt and Road Initiative is an investment project in the economic infrastructure of more than 60 countries and the development of two trade routes, the Silk Road Economic Belt and the Sea Silk Road.