Tashkent, Uzbekistan (UzDaily.com) —  China is not a source of "debt traps," but rather a reliable partner that assists developing countries in escaping the "poverty trap." This was stated by the Chinese Ambassador to Uzbekistan, Yu Jun.

The diplomat noted that in recent years, against the backdrop of the active implementation of the "Belt and Road Initiative" and the deepening of China’s cooperation with developing countries, some Western politicians and media have deliberately inflated the myth that China supposedly creates "debt traps."

In reality, such claims are aimed at undermining normal cooperation between China and other states, emphasized the ambassador.

Yu Jun pointed out that many countries use public debt as a tool to attract foreign currency and a lever for economic development. China’s cooperation with developing countries in the field of investment and financing fully complies with international standards, market principles, and principles of debt sustainability.

"None of our partners believe that China creates ‘debt traps,’" the ambassador noted.

"What are the facts? China is not a source of ‘debt traps’; rather, it is a reliable partner helping developing countries escape the ‘poverty trap.’ China’s investments and financial support are primarily aimed at building infrastructure and production facilities, which effectively helps developing countries address issues such as capital shortages, outdated infrastructure, and a lack of skilled labor. This enhances their capacity for self-development," said the ambassador.

According to him, within the framework of the "Belt and Road Initiative," more than 3,000 joint projects have been implemented, including over 130 social initiatives aimed at improving living conditions, benefiting 30 million citizens.

According to World Bank data, by 2030, the "Belt and Road Initiative" could help more than 7 million people annually escape extreme poverty and 32 million overcome moderate poverty.

The "Belt and Road Initiative" is not a "trap," but rather a "loaf" for the people; it is not a tool of geopolitics, but an opportunity for collective development, he emphasized.

The Chinese ambassador noted that on a global scale, the issue of external debt of developing countries is essentially a matter of their development. The main cause of the debt burden for these countries is the negative consequences of the macroeconomic policies of certain developed countries, while their capital giants, financial institutions, and commercial creditors are the main lenders to developing countries and should take practical measures to alleviate the debt burden.

The ambassador cited President Xi Jinping’s words: "If the world prospers, then China will do well; if China does well, the world will be better."

"The Chinese side consistently adheres to a strategy of openness based on mutual benefit aimed at the well-being of the whole world. We are ready to expand mutually beneficial cooperation with Uzbekistan and contribute to the joint advancement of modernization in both countries," the diplomat added.