Speaking at a press conference today before the opening of the Two Sessions on March 4, Guo Weimin, the spokesperson for the Chinese People’s Political Consultative Conference (CPPCC) replied to a Japanese reporter’s question on the Belt and Road Initiative (BRI) and the lie about a possible “debt trap.” Guo replied that the BRI follows the strictest principles on building financially sustainable projects. He remarked first that the international appeal of the BRI is on the rise throughout the world. Secondly, China is deepening cooperation on the BRI: He pointed to the Piraeus Port in Greece and the China-Laos Railroad. “At the same time, some small and beautiful agriculture, medical care, poverty alleviation and other livelihood projects have been implemented in countries along the route,” Guo said. Thirdly, he said, cultural exchanges also increase through the BRI.
With regard to the financial arrangements, Guo said, “China has always followed international practices and the principle of sustainable debt, and promoted the establishment of long-term stability and a sustainable and risk-controllable investment and financing system. China always adheres to the orientation of economic and social benefits, and provides loans for project construction according to the actual situation of the country where the project is located, so as to avoid new debt burdens, new debt risks and financial burden.” He cited China’s “Guiding Principles for Financing the Belt and Road Initiative” which Beijing published and made available to BRI countries. (http://m.mof.gov.cn/czxw/201705/P020170515761133537061.pdf )
