China exempts 49 countries from 374 debts

Source: Xinhua

BEIJING, Feb. 11 (Xinhua) -- China had written off 374 mature debts owed by 49 countries in heavy debt and dire poverty by the end of 2007, sources with the Ministry of Commerce said Monday.

The countries having benefited from the exemption are from African, Asian, South Pacific and the Caribbean regions, said the Department of Foreign Aid of the ministry, which didn't disclose the value of the debts.

More than 160 countries from those areas as well as in East Europe and Latin America have obtained free aid, interest-free and preferential loans from the Chinese government since 1950, according to the department.

The aid and loans went to construction of nearly 2,000 projects in industry, agriculture, transportation, telecommunications, culture and health.

Read more: http://news.xinhuanet.com/english/2008-02/11/content_7589978.htm

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Obviously the article is slanted to present China as humanitarian and helping poor countries.

Maybe in 20 years we'll see "China relieves USA out of $X hundred billion in debt" :P

Would love to see some of these 'classic economists' come in here and explain why this is good for the USA. :eyes:

Not a bad PR move though. It will definitely create many new friends.

I also bet most of the money that was
indebted was due to China's business involvements
in those areas. I also believe they are doing
anything possible to boost their Olympic face.
Peace

....modern Communist country with a big heart!

Forget all the shit about the Chinese government for one second..and let's applaud this one very generous, humanistic act.

There will be plenty of time to criticize China's government later.