A Pakistani expert said that the so-called "Chinese debt trap" rhetoric is nothing but a lie cooked up by the U.S. and some other Western countries.
Studies show developing countries mainly borrow from commercial and multilateral lenders.
According to the World Bank's International Debt Statistics, by the end of 2020, commercial and multilateral creditors accounted for 40 percent and 34 percent respectively for the public external debt of 82 low-income and lower-middle-income countries.
Earlier this year, the UK charity "Debt Justice" published a report citing data from the World Bank, the International Monetary Fund and other institutions, claiming that African governments owe three times more debt to Western private lenders than to China, and are charged double the interest.
Ramay said that the cooperation between China and other countries is mainly conducted in the form of investment, and by that China has been contributing to the development of the local economies.
Produced by Xinhua Global Service
