China is not the source of a “debt trap” for African countries but a partner to help them get out of the poverty trap, said Foreign Ministry spokesman Wang Wenbin.

He added that China is always committed to supporting fellow developing countries, including African countries, for their socioeconomic development.

Beijing conducts investment and financing cooperation with them based on the principle of equality and mutual benefit and always does its best to help them reduce debt burdens, the spokesman said.

“The latest research findings of the SAIS China-Africa Research Initiative at the Johns Hopkins University show that China has actively participated in the G20’s DSSI, and contributed 63 percent of debt service suspensions,” he said.

He said the World Bank and the International Monetary Fund account for nearly 70 percent of Africa’s debt owed to multilateral financial institutions. 

The US is the largest single shareholder of the World Bank and the IMF, and the financial capital from the US and Europe is the biggest commercial creditor for African countries.

Wang said they cannot shirk their responsibility in terms of resolving Africa’s debt.

“We urge the US to earnestly step up to its responsibility and make a greater effort to work on the substantive participation of multilateral financial institutions and commercial creditors in handling Africa’s debt issue,” he stated.

(Writing by P Deol; Editing by Anoop Menon)