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debt diplomacy

China rejects claim it is using “debt diplomacy” to expand global influence

BEIJING: The Chinese foreign ministry Wednesday rejected the claim that China was using “debt diplomacy” to expand its global influence and said the cooperation with the developing countries had effectively promoted their economic and social development and improvement of people’s livelihood. “For example, the China-Pakistan Economic Corridor (CPEC) contributed 2.5 percentage points to Pakistan’s GDP growth in 2016. The Mombasa-Nairobi Railway, which is financed and built by China, has created nearly 50,000 jobs for…