Yuan Xiaohui makes a statement

A researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, Yuan Xiaohui, has underscored the important role China plays in building shared prosperity with other developing countries to enable them to catch up with developed nations.

“China is building a united family with other developing nations with a shared future in a win-win situation,” she told Sierra Leonean journalists on a capacity-building tour in Beijing.

Speaking on China’s overall foreign aid, Yuan Xiaohui explained that China started providing assistance in 1950 and has attracted lots of attention in this regard with increasing support to developing nations across the globe.

She furthered that Chinese foreign aid falls into the category of south-south cooperation and that China continues to extend support to developing nations. “China is still faced with a long term development task, and it wants to succeed together with other nations,” she said.

In 2018, China recorded the world’s most substantial trade volume of $4.62 trillion; the largest foreign reserve; and the second-largest GDP of almost $13.61 trillion.

“China has a long way to go in terms of addressing challenges in its environment, social protection and economic dimensions. But this has not stopped the Chinese government from strengthening its friendship with other developing countries,” Yuan said, adding that since its reform and opening up, China shifted from mere assistance to mutually beneficial cooperation in various forms. In 1995, it started providing concessional loans, in 2000, package foreign aid measures were declared, and in 2013, the “Belt and Road” Initiative came into force, as an exclusive method of collaboration with other nations.

As of 2012, 345.63 billion yuan has been dished out to support these developing countries.