China cancels Africa's debts - All Africa

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China cancels Africa's debts

18 - Dec - 2003

Beijing has fulfilled its commitment by cancelling 31 African countries' debts totalling US $1.27 billion.

During the second China-Africa trade summit held this week in Ethiopia, China said it would provide enhanced support for Africa, without any political discrimination. Both African and Chinese delegates agreed that there was vast potential for growth in trade between China and Africa, and that this was vital for Africa's development. Chinese and African leaders vowed to build stronger political and economic ties to counter western dominance in world affairs and improve the standing of poor countries.

Attending the two-day summit in Addis-Ababa, Chinese Primier Wen Jiabao promised preferential, zero-tariff trade deals with 34 African countries. Wen said China has taken further measures to increase its imports from African countries, and that the trade volume between China and Africa has been increasing at an annual rate of more than 20 per cent.

"It is all too clear that world peace and development cannot possibly be sustained if the north-south divide grows wider and developing nations grow poorer," the Chinese Premier said. "Regional conflicts are going on unabated and non-traditional security problems, such as terrorism, communicable diseases have become prominent."

"The Chinese government has fulfilled ahead of schedule its debt exemption commitments and cancelled 31 African countries' debts totaling 10.5 billion Yuan (US $1.27 billion)," Wen Jiabao revealed.

Speaking to the conference, Zimbabwe's President Robert Mugabe launched into a tirade against Britain and the USA, calling on African leaders to turn their backs on western countries; and to focus on better relations with China, which he said respected African countries. It should be recalled that Cameroon actively participated in the summit.

Source: The Tribune (Cameroon), December 17, 2003
Author: Peter Efande

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