By Asmau Ahmad
The Shanghai Institute of International Studies (SIIS), a research organisation for studies of international politics, has stressed the need for constant discussion to deepen understanding of African debt problem.
The institute also underscored the need for discussion on ways to explore China’s role and the African community to provide ideas for China to deepen cooperation with Africa.
The President of SIIS, Chen Dongxiao, gave the advice in his address at the international virtual symposium with the theme: “Africa’s Debt Situation and China’s Responses” organised by SIIS in China.
According to him, although African economies in general showed signs of steady recovery, debt problem remained serious.
Chen said, “The international community has provided positive support to African countries through many agenda and initiatives.
“How to enhance the effectiveness of debt response and global governance is still an important issue.
“China is a staunch partner of Africa, in terms of mutual development and has been playing an active role in addressing Africa’s debt problems.”
Similarly, four guests from different countries and fields discussed on the topics: “Assessing the debt situation in Africa” and on “China’s role in the African debt issue.”
Director of China-Africa Research Initiative at John Hopkins University, Professor Deborah Brotigam narrated findings on her research results and suggested ways on China’s loans to Africa.
She also stressed the need for the proportion of Africa’s external debt, China’s debt treatment for Africa, as well as China’s participation in G20 debt treatment.
Gregory Graysmith, emerging Markets Fund Manager at M&G Investments, identified the need to prioritise the overall debt situation in African countries.
He said that the in-depth analysis of the manifestations and root causes of the debt problems of African countries was made from the perspective of sovereign bonds and private creditors.
He further mentioned that there was the need for coordinated participation of different creditors.
More so, Wang Le, Director of the Institute of International Development at the China Academy of Global Economics and Trade, reiterated that China should constantly support Africa, as the way forward.
According to him, such could provide a new perspective for China to participate in African development and support African countries to cope with debt challenges.
Rui Wanjie, Founder and CEO of Ruinaxin Consulting, narrated his experience on dealing with the debt crisis of African countries in the 1990s, in the bid to chat the way forward.
He said that there should be development cooperation between China and Africa, while emphasizing the importance of quality China-Africa cooperation and sustainable financing, between China and Africa.
Meanwhile, Zhou Yuyuan, a researcher at the Centre for West Asian and African SIIS, in a remark said that full attention should be given to relationship between short-term emergency relief and long-term debt governance.
In another remark, Senior Fellow, Zhou Yuyuan, Centre for West-Asian and African Studies of SIIS, narrated perspective of China’s contribution to Africa’s development cooperation.
He, however, argued that debt relief for Africa required all relevant parties to balance the relationship between short-term emergency relief and long-term debt governance.
High point of the event presided by Senior Fellow, Ye Yu, Centre of World Economy, were calls by the discussants for strategic steps to be taken, to provide financial support to developing countries.
Also, to ease debt burden and to help Africa and, the global economy achieves inclusive and sustainable development.
The symposium was attended by 150 participants from different countries across the world.
