A research organization for the study of international politics called the Shanghai Institute of International Studies (SIIS) has emphasized the importance of ongoing discourse to better comprehend the issue of African debt.
The institution also emphasized the need for dialogue about China’s role and for the African community to offer suggestions on how China may strengthen its partnership with Africa.
In his speech at the worldwide virtual symposium organized by SIIS in China with the theme: “Africa’s Debt Situation and China’s Responses,” Chen Dongxiao, the president of SIIS, offered the suggestion.
He claimed that even while the economy of Africa as a whole showed signs of steady recovery, the debt issue persisted.
The international community has supported African nations positively through numerous agendas and programs, according to Chen.
The question of how to improve the efficiency of global governance and debt response is still crucial.
China “has been actively participating in addressing Africa’s debt difficulties and is a steadfast partner of Africa in terms of mutual development.”
The topics of “Assessing the Debt Situation in Africa” and “China’s Role in the African Debt Issue” were also discussed by four guests from various nations and fields.
Prof. Deborah Brautigam, Director of the John Hopkins University China-Africa Research Initiative, presented the findings of her research and made recommendations on China’s loans to Africa.
She also emphasized the importance of China’s debt treatment of Africa, the amount of Africa’s external debt, and China’s involvement in G20 debt negotiations.
Gregory Graysmith, emerging Markets Fund Manager at M&G Investments, saw the importance of giving priority to the continent of Africa’s entire debt problem.
He said that a thorough examination of the symptoms and underlying causes of the debt crises in African nations was done from the viewpoints of sovereign bonds and private creditors.
He continued by saying that coordinated participation from various creditors was required.
Wang Li, the director of the Institute of International Development at the China Academy of Global Economics and Trade, added that China should continue to assist Africa as the region to be on the lookout for in the future.
He claimed that this would open up new opportunities for China to support the growth of Africa and help African nations deal with their debt problems.
To discuss the future, Rui Wanjie, the founder and CEO of Ruinaxin Consulting, shared his experience dealing with the debt problem that African nations faced in the 1990s.
He argued that China and Africa should cooperate on development while highlighting the significance of effective and sustainable funding between the two continents.
In the meantime, Zhou Yuyuan, a researcher at the Centre for West Asian and African SIIS, stated in a statement that the relationship between immediate emergency relief and long-term debt governance should receive full attention.
Another comment was made by Senior Fellow Zhou Yuyuan of SIIS’s Centre for West-Asian and African Studies, who described China’s stance on its involvement in development cooperation with Africa.
But he asserted that debt relief for Africa necessitated that all pertinent parties strike a balance between immediate, short-term assistance and long-term debt administration.
The appeal for strategic action to be made to provide financial help to developing nations by the discussants was the highlight of the event, which was presided over by Senior Fellow Ye Yu of the Centre of World Economy.
To help Africa and the world economy achieve inclusive and sustainable growth, as well as to reduce the debt burden.
There were 150 attendees from various nations worldwide during the symposium.