Economist: African Countries Could Become Mired More Deeply as Beijing Waives Loans

South African President Cyril Ramaphosa (L) shakes hands with Senegalese President Macky Sall (R) as Chinese Leader Xi Jingping (C) looks on during 2018 Beijing Summit Of The Forum On China-Africa Cooperation Joint Press Conference in Beijing, China, on Sept. 4, 2018. Lintao Zhang/Pool/Getty Images

Beijing announced its plan to waive 23 interest-free loans for 17 African countries that had matured at the end of 2021. China’s citizens reacted with unprecedented scolds online, while an analyst warned of the trap behind the apparent largesse of the Chinese Communist Party (CCP).

On Aug. 18, Foreign Minister Wang Yi delivered Beijing’s decision at the Forum on China-Africa Cooperation (FOCAC) video conference.