Insights丨Former World Bank economist: 'Debt trap theory' false statement as China leaves Africa free to pursue African-style modernization

(ECNS) – The launching ceremony of the 2024 Chinese Investment in Africa Report was held in Beijing on Friday ahead of the upcoming FOCAC summit, scheduled to take place from Sept. 4 to 6. Before the ceremony kicked off, Mwangi Wachira, former economist at the World Bank and advisor to the Government of Kenya, was invited to an interview with China News Network.

Wachira first refuted the hype of the "debt trap theory" of some Western media. He indicated that Africans owe more to the other institutions than they owe to China since the United Arab Emirates, India, and France are also the biggest operators in terms of FDI to Africa, but "nobody comments about that".

He pointed out directly that if these people say that China has brought a debt trap to Africa, then they really haven't done their homework. He further analyzed that they're trying to skirt around an issue that a lot of the statements about debt trap are geopolitics and have nothing to do with reality.

Speaking of Africa's relations with China and the West respectively, Wachira found that they are quite different in character. He summarized the differences and said that the Chinese engagement shows more sensitivity to African countries by giving them more agency and more say in what they are doing. "My own view is that one engagement (China with Africa) recognizes my agency. It recognizes my ability to cause things to happen. The other one (the West with Africa) simply treats me as if I am passive."

As Adviser to the Kenya government, he denounces the false claims of the West that China's investment in Africa "deprives Africa of autonomy".

In the interview, Wachira also shared his observation of China’s economy. While following the Third Plenary Session of the CPC, he was impressed by China’s effort to push forward the reform in technology and innovation, which he believes is the key to fast track for the country.

He was realistic and admitted that these actions are now beyond the reach of most African countries but he's still hoping that as China jumps into or gets deeper into innovation, change, fast-tracking changes for its own economy, Africa will benefit as a result of that.

At the launching ceremony, Wachira made a keynote speech and he wrapped up by saying, "China's engagement with Africa is unintrusive; it is not subversive. This is a major reason for the growth of the partnership. China leaves us free to pursue modernization African style."