Chinese summit participants refute allegations of "debt trap": The Standard

The Belt and Road Initiative (BRI) has achieved great success in the interest of participating countries and demonstrated its winning nature, officials and observers gathered around the world said.

Participants at the second Forum on International Cooperation, called the BRF, also cited concrete examples to refute the "debt trap" and other baseless accusations against the BIS.
Since Chinese President Xi Jinping proposed the BIS six years ago, 126 countries – including developed and developing countries – and 29 international organizations have signed BIS cooperation documents with China.
The three-day FRB, comprising 12 thematic forums, an opening ceremony and a round table of leaders, brings together about 5,000 participants from more than 150 countries and 90 international organizations.

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In an interview with Xinhua, Greek scholar George Tzogopoulous, senior researcher at the International Center for European Studies, a think tank based in Nice, France, highlighted the success of cooperation between Greece and China on the port of Piraeus.
In 2016, the Chinese company COSCO SHIPPING acquired 67% of the capital of the port of Piraeus, which was then in difficulty. In just two years, the performance of Piraeus has skyrocketed. The throughput of its containers has risen from 880,000 TEU in 2010 to 4.9 million TEUs in 2018, making it the second largest port in the Mediterranean.
"COSCO came to invest in Greece at a very difficult time for the national economy of Greece (…) and respected the European framework," said Tzogopoulous.
The Greek economy has benefited from Chinese investment as all port employees have managed to keep their jobs and new jobs have been created, he said.
"Several international companies, especially German, American and French, benefit because Chinese investment in Greece is not a bilateral affair between Greece and China," he added. "This suggests that the Belts and Roads Initiative is a mechanism of economic integration where all concerned parties can benefit."

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Based on the principle of extensive consultations, shared contributions and shared benefits, the BIS has moved from a Chinese proposal to a global consensus. China reiterated that it wanted all countries to embark on the train of development.
The BIS is a "source of hope" for developing countries that need to build infrastructure and invest in the BIS, said Leon Juste Ibombo, Minister of Posts, Telecommunications and Energy. of the Digital Economy of the Republic of Congo, at a thematic forum.
Daryl Wade Swanepoel, organizer of the Progressive Enterprises Forum of the African National Congress of South Africa, refuted these claims that the BIS could trap the participating countries in debt, pointing out that China was creating opportunities for foreign investors. Investment based on mutual benefits and win-win outcomes.
He pointed out that it was simply not in China's interest to promote a debt trap.
At the same time, "Africa has not closed its doors to other regions such as Europe, the United States, etc.," he said. "There are more than enough opportunities on the continent for everyone."

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Calling the BIS "the most successful integration model of recent years," said Tzogopoulous, "it is not only China that benefits from the project, but also the countries in which the investments are realized".
"The more China grows, the more it contributes to growth and prosperity," he added. "The principles of China are clear and simple and that is why China contributes to peace and stability."

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