Chinese Foreign Ministry spokesman Zhao Lijian stressed that “the United States’ description of the Belt and Road Initiative (Beijing’s investment project around the world) as a debt trap is a false narrative,” adding that “Washington should be held accountable.” for it.” Create a debt trap.

He pointed out that all Belt and Road projects related to transport infrastructure will be implemented by 2030, noting that “The World Bank expects this project to generate global revenue of US$1.6 trillion, of which 90 percent will go to the partner. countries.

The announcements came a day after the G7 countries announced at a meeting in Germany that they had raised $600 billion in private and public funds over five years to fund infrastructure in developing countries, competing with China’s One belt, one way. project worth several trillion dollars.

“Such initiatives should not offset each other and distort the One Belt, One Road project in the name of promoting infrastructure development,” the Chinese representative said.

The One Belt, One Road Plan, launched by Chinese President Xi Jinping in 2013, includes development and investment initiatives in more than 100 countries, including a number of projects including railways, ports, and highways.