China Africa Photo: Xinhua

China's Ministry of Commerce (MOFCOM) on Tuesday refuted claims that China is the main creditor in Africa's debt, stating that the so-called "debt trap" rhetoric is unfounded and merely an attempt to smear and slander China-Africa cooperation.

The remarks come as China prepares to host the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing from September 4 to 6 to deepen economic integration, supply chain cooperation, and achieve mutual benefits.

Shen Xiang, an official from MOFCOM emphasized that China has never been a major creditor in Africa's debt, as recent data from the International Monetary Fund showed that commercial and multilateral debt accounts for 66 percent of Africa's external debt, while bilateral debt with China only accounts for 11 percent.
Shen said China has been making an active effort to help African countries alleviate debt pressures through various channels. 

China has actively participated in resolving debt issue for countries like Zambia within the G20 framework, Shen said.

On a bilateral level, China has waived interest-free loan that matured in end 2021 for 17 African countries under the framework of the FOCAC.
Shen emphasized that Chinese investment and financing cooperation with Africa fully respects the wishes of African countries, takes their actual needs into consideration, and pursues win-win cooperation. It does not come with any political conditions attached and is therefore widely welcomed by Africa.

Liu Junfeng, an official from the China International Development Cooperation Agency, on Tuesday, also reiterated China’s "five-no" approach in its relations with Africa: no interference in the development paths of individual countries; no interference in their internal affairs; no imposition of China's will; no attachment of political strings regarding assistance; and no seeking of selfish political gains in investment and financing cooperation.
Economic and trade cooperation remains a cornerstone and driver of China-Africa relations.

According to data from MOFCOM, China has been Africa's largest trading partner for fifteen consecutive years. In 2023, trade value between China and Africa reached a historic high of $282.1 billion, up 1.5 percent year-on-year, reflecting the resilience of China-Africa trade relations.

In the first half of 2024, Chinese imports from Africa hit $60.1 billion, marking a significant 14 percent increase compared to the previous year as China is leveraging its large market advantage to provide opportunities for businesses in African countries. The value of China’s agricultural imports from Africa, in particular, has been growing for seven consecutive years, MOFCOM said.