Business News of 2014-03-10

Chinese loans will not have conditionalities

China will not attach any conditionality on loans and other facilities it offers to African countries, Mr Wang Yi, the Chinese Foreign Minister, has assured.

"We are not in Africa to interfere in their internal affairs," the minister stated in response to a question during a press conference as part of the ongoing Second Session of the 12th National People's Congress (NPC) of China in the capital, Beijing.

The press conference was organised to state China's foreign policy.

My Wang said even though China had so far supported 1,000 projects across Africa, there were no conditions attached to any of the projects.

His answer was against the mixed reactions that have been expressed by some observers that China had a hidden agenda in its efforts to help develop Africa.

"Even when we were poor, we supported African countries in their struggle towards independence. It was our African brothers who brought China into the United Nations," he said.

Mr Wang explained that 50 years ago, Premier Chu En Lai visited Africa and since then, other Chinese high ranking officials had visited the continent to deepen the bond of friendship and cooperation between China and Africa.

He stated that China and Africa were "good partners in development" and added that the cooperation had also drawn other countries’ attention to Africa's worth and wealth.

Mr Wang announced that Chinese Premier Li Keqiang would visit Africa and gave an assurance that the cooperation between China and Africa would enter a new phase.

On China's role in world politics, the foreign minister stated that China would play its role in a responsible manner.

“We are committed to ensuring no conflict and no confrontation in our relation with both our neighbours and other countries,” Mr Yi stated.

He described the relationship with its neighbours as both positive and stable.

Mr Wang, however, said that China would not take anything that did not belong to it from its neighbours; it would defend its territorial boundaries and would also not accept any unrealistic demand.

He described the current Ukraine conflict as regrettable and called for restraint from Ukraine, Russia and the international community in the search for a solution to the problem.

Mr Wang explained that the situation could be attributed to the complex history and interest in Ukraine and, therefore, needed to be handled in a prudent way.

Source: graphic.com
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