China cancels Africa’s debt
China has cancelled the debts owed to it by 31 African countries. The show of solidarity will give African leaders greater leverage to demand that the International Monetary Fund, World Bank and the wealthy finance capitalists in the bastions of imperialism do the same.
In his opening address to a two-day China-Africa conference in Addis Ababa, Ethiopia, Chinese Premier Wen Jiabao announced on Dec. 15 that his government has fulfilled, ahead of schedule, its debt exemption commitments and cancelled debts totaling $1.27 billion.