China Is Canceling the Debt of the World’s Most Impoverished Nations

Since the 1990s, a major part of Chinese foreign policy has been to invest in developing countries around the world. This includes private investments, like the billion-dollar solar project being spearheaded by a Chinese energy company in Ghana or the multibillion-dollar canal being built by a Chinese infrastructure firm in Nicaragua. It also includes public investment projects like the Asian Infrastructure Investment Bank, which was launched earlier this year to help fund infrastructure projects in impoverished Asian countries (and to reduce the amount of influence wielded by the U.S.-led investment banks). On Saturday, Chinese President Xi Jinping made yet another commitment to help economic growth in the … Continue reading China Is Canceling the Debt of the World’s Most Impoverished Nations