When China's President Xi Jingping announced a $60 billion debt relief package for struggling African nations it sounded so generous. With China’s economy struggling and concerns around the globe regarding the slowing nation’s staying power to help hold up the world economy, how could they afford to simply forgive such significant debt? The answer is that, in China’s case, “forgiveness” comes at an often hefty price, one that isn’t always clear up front, says a United Nations sovereign debt relief expert.
China debt relief is method to expand international influence
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