China says Belt and Road Initiative is a false narrative, says US should be responsible for creating debt trap

163
2
China says Belt and Road Initiative is a false narrative, says US should be responsible for creating debt trap

PHOTO CHINA' BEIJING -- Chinese Foreign Ministry spokesperson Zhao Lijian said on Monday that China-proposed Belt and Road Initiative BRI is a false narrative and that it is the United States that should be responsible for creating the debt trap. Zhao made a statement at a daily news briefing when he spoke about US accusations against BRI.

Zhao said that to call the BRI a debt trap is a false narrative.

He stated that the BRI has followed the principle of extensive consultation, joint contribution and shared benefits and delivered tangible benefits to partner countries and their peoples for nine years since its inception.

By 2030, the BRI will generate $1.6 trillion of revenues for the world, or 1.3 percent of global GDP, according to the World Bank. The company said 90 percent of the revenues will go to partner countries.

He said the BRI could help lift 7.6 million people out of poverty and 32 million from moderate poverty from 2015 to 2030.

ALSO READ: China slams the US for politicizing COVID prevention policy.

In fact, no BRI partner has agreed to the so-called 'debt trap' accusation. The spokesperson said the United States should not be responsible for creating the 'debt trap'.

The US's expansionary monetary policies, financial innovation with lax supervision and ill-intended short-selling are weighing down developing countries with debt burden and the very reason some countries have fallen into the debt trap, according to Zhao.

With regard to the new initiative put forward by G 7, China always welcomes initiatives that promote global infrastructure. Such initiatives do not have to cancel each other out, Zhao said.

ALSO READ: Zhao: US spreads disinformation about China on Ukraine

He said that we opposes moves to advance geopolitical calculations and smear the BRI in the name of promoting infrastructure development.

A year ago, it was also at a G 7 summit where the United States introduced the B 3 W Initiative. The United States committed to developing global infrastructure in a different way from the BRI. The world wants real investment and projects that will deliver for the people, whether or not it is B 3 W or any other initiative, according to Zhao.