Self-owned docks in Indonesia in December 2022. (PHOTO:XINHUA)

By QI Liming

The debt risks in some developing countries have increased significantly in recent years, with someone who has an ulterior motive taking this opportunity to hype up the so-called "debt trap" or "opaque lending" and throws mud at China.

China is committed to providing support for the economic and social development of developing countries. The Belt and Road Initiative (BRI) aims to achieve win-win results and shared development by promoting cooperation among all countries, building a community with a shared future for mankind.

The accusation laid before the door of China has little evidence to support itself.

Firstly, economic factors are the primary driver of current BRI projects, and China's development financing system is customized according to host countries' requirements rather than coordinated to pursue detailed strategic objectives. So, there is no available evidence to support this hypothesis of the frequently portrayed geopolitical strategy, which ensnares countries in unsustainable debt and allows China undue influence.

Secondly, recipient countries are not hapless victims, but actively shape outcomes within China's development financing system. Accordingly, the BRI does not follow a top-down plan, but emerges piecemeal through diverse bilateral interactions, with outcomes being shaped by interests, agendas and governance problems on both sides.

Thirdly, none of China's partners, so far, has accepted that the BRI has created a "debt trap." Since China's development financing system is recipient-led and relies on host-country governance,  bolstering domestic regulations, inspection and enforcement capacities are led by recipients.

Meanwhile, the World Bank statistics show that multilateral financial institutions and commercial creditors account for more than 80 percent of the sovereign debt of developing countries. It is imperative that these institutions participate in debt management in accordance with the principle of "joint action and fair burden."

China has always done its best to help developing countries ease their debt burden and has conducted overseas investment and financing cooperation on the basis of openness and transparency. In light of the aspirations of developing countries to grow economically, China has focused its overseas investment and financing cooperation on infrastructure, production and construction to help developing countries achieve independent and sustainable development.

Over the years, China has helped African countries build or upgrade more than 10,000 kilometers of railways and nearly 100,000 kilometers of roads, vigorously boosting economic development, improving people's lives in these countries and bringing tangible benefits to the local people.

As for the debt issue, surely developing countries are aware of who is a sincere and reliable friend and who is a "rumor-maker" with ulterior motives.