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Asia-PacificOctober 1 2018

Is China’s finance bankrolling development – or debt?

China has become a major development financier to emerging markets via projects such as the Belt and Road Initiative. But some borrowers see unequal benefits in the deals, while the US is concerned by China’s growing influence. Adrienne Klasa reports.
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On September 3, 49 African heads of state descended on Beijing, China’s capital, for the triennial Forum on China Africa Cooperation (Focac). Presided over by Chinese president Xi Jinping, the forum mapped out the next phase of Chinese financial support for Africa’s development.

This year’s summit was the seventh iteration of the event, highlighting China’s growing role as a leading financier of global development in Africa and beyond. Mr Xi announced pledges totalling $60bn for the region, the same amount promised at the last Focac summit in Johannesburg, South Africa, in 2015.

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