President Xi Jinping of the People’s Republic of China delivered a keynote speech during a virtual China-Africa Summit on Solidarity against COVID-19. The Chinese president began by emphasizing China’s role in providing medical equipment and teams to help Africa combat the pandemic, including the construction of China-Africa hospitals and the bold promise to guarantee that Africans will be some of the first to receive a potential COVID-19 vaccine developed in Chinese labs.
This marks the first time the Chinese government has formally addressed the issue of African debt
He went on to emphasize the need for greater investment and cooperation in China’s Belt and Road Initiative (BRI), as well as pledges to help alleviate African debt through zero-interest loans that will mature by the end of 2020. This marks the first time the Chinese government has formally addressed the issue of African debt, which has become a major sticking point as COVID-19 continues to strangle African economies, many of whom are saddled with billions of dollars’ worth of debt from Chinese infrastructure projects linked to the BRI.
Soon after the outbreak reached most of Africa, Western news outlets began to openly ponder whether China would be willing to embrace the growing calls for debt relief emanating from numerous African heads of state, the European Union, and financial institutions such as the International Monetary Fund and the World Bank.
President Xi’s call for “taking China-African friendship forward” prepares the continent for a geopolitical shift toward China. This is, perhaps, how US secretary of state Mike Pompeo saw it when he said “no country will rival what the US is doing” when it comes to assisting African countries with the fight against COVID-19.