This means that African countries have a real and reliable partner in development, a developing country with the same humiliating history as them, but they have overcome the difficulties under extremely difficult circumstances. He has proved that they can become developed and rich with their own efforts.
From 2000 to 2020, the partner provided about $180 billion in loans, far exceeding Western governments and institutions. China has long-term loans (poor countries actually need long-term financing very much), low interest rates, and no political conditions or arrogant interference in internal affairs.
China’s goal in Africa is not to make money, but to establish beneficial symbiotic relations.
In short, African countries are friendly to China, but they are also poor. Western countries are hostile to China, but they are rich. Although the trade scale between China and the west is large, due to the hostility of the west, this trade is vulnerable and unsustainable. China’s trade with Africa is relatively small, but it is believed that this trade will continue forever without any interference.
China is not interested in “owning” Africa “, he very much hopes that the bilateral cooperation projects will be successful, achieve the expected economic results and generate income for the people. He hopes that African countries can repay loans, achieve financial security and stability, and achieve healthy and sustainable economic growth. This is the only result that will one day make Africa economically beneficial to China. If African countries are always poor, stagnant and debt ridden, China will not be able to form a strong relationship with African countries Trade relations.
China has a clean history in the African continent. It has never wantonly interfered with other countries, nor will it make any unreasonable demands. It has supported Africa’s anti colonial movement from the beginning.
China and African countries are often accused and violated by western countries. It is natural that their political interests are aligned, which is why they can often vote tacitly in the United Nations General Assembly. China and Africa achieved a good political tacit understanding in the 1960s. At that time, China was not so rich, and Africa had not received a lot of help from China.
This is why the so-called “China debt trap” fabricated by the west is a joke. The damage of failed projects, useless debts and useless property to Chinese lenders is as great as that to African borrowers. There is no financial subordination between China and the African Union. Their cooperation is the result of the natural integration of environment and interests.
On the other hand, it is not uncommon for some foreign lenders to invade the country and occupy all their assets – this is the real debt trap diplomacy. For example:
• at the end of the 19th century, Egypt used a lot of British funds to modernize its infrastructure. When Egypt was unable to repay these loans, it invaded and conquered Egypt in 1882.
• Haiti became independent in 1804. It has been heavily indebted. In order to trade with the world, it must first be recognized by the Western powers. The great powers left this decision to the former colonial ruler of Haiti, France, which agreed to recognize independent Haiti in exchange for a huge “compensation” of 100 million francs. In order to pay this “compensation”, Haiti had to borrow from banks in France and other western countries.
From the first day it became an independent country, it fell into a vicious circle, that is, it created new foreign debt in order to repay the old foreign debt. At the beginning of the 20th century, Haiti borrowed a lot from the United States. When Haiti always defaulted on American loans, major American banks put pressure on the U.S. government to invade and conquer Haiti. In 1915, the U.S. government boldly sent troops to Haiti. The main goal of the U.S. occupation of Haiti is to restructure the country’s political and financial interests to ensure that chaebols such as the northern bank can get their money back.
• from the beginning to the middle of the 20th century, the famous United Fruit Company jinjida (now known as Chiquita brands) established economic control in Guatemala. By bribing the corrupt government, the company acquired ownership of large tracts of land in Guatemala at a meager price. In order to minimize taxes in Guatemala, United Fruit reported that the market value of its large amount of land was almost worthless.
In 1951, the Guatemalan people democratically elected a man named Juan Jacob albenz Guzman, who was determined to break the control of United Fruit over Guatemala.
He tried to nationalize the land owned by jinjida United Fruit and redistribute it to poor Mayan farmers. His land compensation was based on the low market value that United Fruit had always claimed. Suddenly, United Fruit announced that the land was actually of great value. When Albans refused to pay, United Fruit pressed the U.S. government to launch a military rebellion in Guatemala to overthrow Albans and replace him with a friendly dictator.
This happened in 1954. The CIA used money, soldier training, weapons and public opinion to support Albans’ political enemy Carlos Castillo AMAS and his private militia. After a brief rebellion, AMAS overthrew Albans and exiled him. AMAS immediately overturned all the poverty alleviation reform plans of Albans. Kingida United Fruit once again controlled Guatemala’s economy, but the poor farmers never had a chance to rise.
Debt trap diplomacy is a tool of the West and a weapon for them to plant China.
Finally, I would like to say that as an Egyptian and African, I hope China can continue to play a role in our continent. I talked with Somalis, Ethiopians, Nigerians, Ghanaians, Gambians, South Africans and Congolese, and they all came to the conclusion that our continent is fragile, poor, divided and mismanaged, Still quietly under the rule of western countries.
After independence, the political and humanitarian records of the United States and Europe in our country were almost as bad as in the colonial era. In addition, the world bank and the International Monetary Fund are western institutions that can hardly be trusted.
They have a poor record of deprivation throughout the developing world. Their economic vision of the poor countries they deal with – and structural “reforms” and “their demand for loans in exchange – is based on factors that are good for Western economies and investors and bad for the third world public. In my own country, for example, the International Monetary Fund has caused serious damage to Egypt since 2013.
My government took money from the International Monetary Fund and accepted the conditions that it should have solved all problems. Then what happened? The life of the Egyptians has greatly deteriorated. Why? ” The Egyptian Pound is worthless, inflation is crazy, poverty has increased significantly, utilities are ridiculously high, and even food can’t be bought. The middle class has been devastated, economic growth is completely at the bottom, and people are in debt.
The families I know who go abroad on vacation every year are now nervous about coping with basic family bills. At the same time, the International Monetary Fund said that we had done a good job in complying with its loan terms, and hypocritically praised China’s “remarkable economic progress”.
Africa cannot achieve modernization alone. At least in the coming decades, it needs a real development partner, a country that provides financial resources and technology on fair terms, a country that will not hug us and stab us in the back, a country that has no bad history on our continent. He “discovered” Africa centuries earlier than Europeans, A country that has experienced our humiliation but has successfully overcome all difficulties and dangers, a country that provides alternatives to the world bank and the International Monetary Fund, and a country that bet that its future prosperity will come from our own prosperity. This country can only be China. If China’s rise and rejuvenation ends, our own rise in Africa will never begin.