China will not buckle in face of belt and road criticism, says Foreign Minister Wang Yi

State Councillor dismisses criticism that project is a ‘debt trap’ for smaller countries and seeks to allay growing international concerns

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Sri Lanka was forced to hand over a port to China – highlighting fears that other countries would find themselves caught a debt trap. Photo: AP Photo

Published: 9:03pm, 8 Mar 2019Updated: 12:38am, 9 Mar 2019

China will continue to push forward its plans for the “Belt and Road Initiative” despite the increasing international criticism the scheme is facing, Foreign Minister Wang Yi said on Friday.

At a press conference on the sidelines of the annual legislative session in Beijing, Wang also dismissed complaints that the intercontinental infrastructure scheme is a debt trap that will force other countries to become reliant on China.

The scheme attracted further controversy this week following reports that Italy would become the first G7 country to sign up, a prospect that drew a sharp response from the White House and caused concern in Europe.

Wang, who is also a State Councillor, tried to reassure the outside world by saying the scheme was “absolutely not a debt trap” and compared it to an “economic pie”, slices of which would benefit the local population.

He also insisted “it’s never a geopolitical tool, but an opportunity for many countries to develop together”.

“The initiative has speeded up development, improved people’s livelihoods and created mutually beneficial prospects for many countries,” Wang said, noting that a total of 123 countries and 29 international organisations have signed agreements with China.