BEIJING - Chinese President Xi Jinping offered another $60 billion in financing for Africa on Monday and wrote off some debt for poorer African nations, while warning against funds going towards "vanity projects". Speaking at the opening of a major summit with African leaders, Xi promised development that people on the continent could see and touch, but that would also be green and sustainable. China has denied engaging in "debt trap" diplomacy, and Xi's offer of more money comes after a pledge of another $60 billion at the previous summit in South Africa three years ago. Xi, addressing leaders at Beijing's Great Hall of the People, said the new $60 billion will include $15 billion of aid, interest-free loans and concessional loans, a credit line of $20 billion, a $10 billion special fund for China-Africa development, and a $5 billion special fund for imports from Africa. Chinese companies will be encouraged to invest no less than $10 billion in the continent in the next three years, … [Read more...] about News China’s Xi offers another $60-B to Africa, but says no to ‘vanity’ projects
Asia to africa
News China’s Xi says ‘no strings attached’ to Africa investments
BEIJING, China - President Xi Jinping told African counterparts and business leaders Monday that China's investments on the continent have "no political strings attached", even as Beijing is increasingly criticized over its debt-heavy projects abroad. China's 'Silk Road' project runs into debt jam Xi spoke before the start of a two-day China-Africa summit that is expected to focus on his cherished Belt and Road initiative, a global trade infrastructure program. The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing's influence abroad. Mahathir takes aim at Chinese developer's giant project in southern Malaysia It has already seen China loan billions of dollars to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects. But critics warn that the Chinese leader's pet project is burying some countries under massive debt. 'China overloading poor nations with debt though infra projects' … [Read more...] about News China’s Xi says ‘no strings attached’ to Africa investments
China’s Xi says no to Africa ‘vanity projects’ as hosts major summit
BEIJING: Chinese funds are not for "vanity projects" in Africa but are to build infrastructure that can remove development bottlenecks, Chinese President Xi Jinping said on Monday, telling Chinese firms they also had to respect local people and the environment.Xi said at a business forum before the start of a triennial China Africa summit their friendship was time-honoured and that China's investment in Africa came with no political strings attached."China does not interfere in Africa's internal affairs and does not impose its own will on Africa. What we value is the sharing of development experience and the support we can offer to Africa's national rejuvenation and prosperity," Xi said."China's cooperation with Africa is clearly targeted at the major bottlenecks to development. Resources for our cooperation are not to be spent on any vanity projects but in places where they count the most," he said.China has denied engaging in "debt trap" diplomacy but Xi is likely to use the … [Read more...] about China’s Xi says no to Africa ‘vanity projects’ as hosts major summit
China’s Xi says ‘no strings attached’ to Africa investments
Xi spoke before the start of a two-day China-Africa summit that is expected to focus on his cherished Belt and Road initiative, a global trade infrastructure programme. The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing's influence abroad. It has already seen China loan billions of dollars to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects. But critics warn that the Chinese leader's pet project is burying some countries under massive debt. "China's investment in Africa comes with no political strings attached," Xi told a high-level dialogue with African leaders and business representatives hours before the Forum on China-Africa Cooperation (FOCAC). "China does not interfere in Africa's internal affairs and does not impose its own will on Africa," he said. "China's cooperation with Africa is clearly targeted at the major bottlenecks to development. Resources for our … [Read more...] about China’s Xi says ‘no strings attached’ to Africa investments
China markets ships to navies in SE Asia and Africa
Asia UnhedgedReal-time intel on what moves markets Chinese SOEs offer price cuts on Malaysia's purchase of coastal vessels to woo more potential buyers from around the region and further afar By Asia Times staff August 27, 2018 6:31 PM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 The state-owned China Shipbuilding Industry Corp is constructing littoral, or coastal, mission ships for Malaysia after it undercut rivals and sealed orders from the Malaysian Navy. Littoral mission ships are fast patrol vessels that can be equipped with a helicopter flight deck and carry missiles. They are primarily used for coastal security, maritime patrol and surveillance, but can also be deployed for disaster relief and search and rescue operations. CSIC is on record as claiming the performance and reliability of the command and weapons systems of its surface ships are on a par with those of other major shipbuilders. Now, the distinctive cost-effectiveness of China-made … [Read more...] about China markets ships to navies in SE Asia and Africa