Shanghai Institute harps on discussing, understanding African debt problem

The Shanghai Institute of International Studies (SIIS),  a research organisation for international policy studies has emphasized the need for constant discussion to deepen understanding of the African debt problem.

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The institute also stressed the need to discuss ways to explore the role of China and the African community to provide ideas for China to deepen cooperation with Africa.

The SIIS President Chen Dongxiao gave the advice in his speech at the international virtual symposium with the theme Africa’s Debt Situation and China s Responses organized by SIIS in China.

According to him although African economies in general show signs of steady recovery the debt problem remains serious Chen said The international community has provided positive support to African countries through many agendas and initiatives How to improve the effectiveness of the response to debt and global governance remains 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 the topics Assessment of the debt situation in Africa and The role of China in the issue of African debt.

Professor Deborah Brotigam, director of the John Hopkins University China Africa Research Initiative recounted the results of her research and suggested ways of borrowing from China to Africa.

She also emphasized the need for Africa’s external debt ratio China’s debt treatment for Africa as well as China’s participation in the G20 debt treatment Gregory Graysmith emerging markets fund manager at M amp G Investments identified the need to prioritize 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 done from the perspective of sovereign bonds and private creditors.

He also mentioned that there was a need for a coordinated participation of the different creditors.

Furthermore, Wang Le, director of the International Development Institute of the Chinese Academy of Global Economy and Trade reiterated that China should constantly support Africa as the way forward .

According to him, this could provide a new perspective for China to participate in African development and support African countries in coping with debt challenges.

The founder and CEO of Ruinaxin Consulting, Rui Wanjie recounted his experience dealing with the debt crisis of African countries in the 1990s, in an attempt to discuss the way forward He said there should be China Africa development cooperation while stressing the importance of quality China Africa cooperation and sustainable financing between China and Africa.

Meanwhile, Zhou Yuyuan, a researcher at the Center for Africa and West Asia SIIS said in a comment that full attention should be paid to the relationship between short term emergency relief and long term debt governance.

In another remark, Senior Researcher Zhou Yuyuan of the SIIS Center for West Asian and African Studies narrated the perspective of China s contribution to Africa s development cooperation However he argued that African debt relief required all relevant parties to balance the relationship between short term emergency relief and long term debt governance.

The highlight of the event chaired by Senior Fellow Ye Yu of the World Economy Center was called by participants to take strategic steps to provide financial support to developing countries.

Also to alleviate the debt burden and help Africa and the world economy achieve inclusive and sustainable development The symposium was attended by 150 participants from different countries of the world.

MTO/premium Times