ADB Consider Ending New Loans to Communist China

It is reported on August 18th, in an interview with a Japanese media, the President of Asian Development Bank (ADB) says it will consider ending new loans to Beijing, and this could happen as early as next year. 

 ADB President Masatsugu Asakawa said in the interview, “We want to start our discussion next year on whether China can end new loans from the ADB.”

 At the current 5-year plan from 2021 to 2025, ADB plans to provide communist China with $7.5 billion in financing, which is lower than $9 billion for the period from 2016 to 2020. President Asakawa said that ADB will most likely start the talks next year, ending new loans to the communist country from 2025 onwards.

 On the same day at August 18th, Beijing officially announce that it will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021. At that day, the Chinese Communist Party (CCP)’s Foreign Minister Wang Yi held an audio meeting with leaders from African countries and the African Union. 

 In the meeting, Wang Yi said Beijing will carry on strengthening trade with Africa, and remove some tariffs for African products export to mainland China, and will continue to provide economic, and military aid to Africa. Wang also announced to provide new food assistance to 17 African countries in need this year.