China has Capacity to Grow World Economy, says Yan Yuqing

The Consulate General of the People’s Republic of China in Nigeria, Ms.Yan Yuqing, has expressed confidence that China has the capacity to grow world economy.

Yuqing made this known on Saturday at the 1Oth Anniversary of the Belt and Road Initiative held in Lagos.

Speaking on the theme ‘ Renew the hope with the belt and road initiative ‘, Yuqing explained that the economy of China made tremendous progress as the country made remarkable Gross Domestic Product (GDP) in the first half of 2023.

She said China’s economy is a major engine for world economy growth, saying the country is capable of promoting the belt and road initiative for world development.

Yuqing stated that over the years through the belt and road initiative, China had provided assistance in the building of hospitals, clinics and schools in african countries.

The Consulate General explained that Nigeria and China are important partners in the global affairs, adding that globally China promoted international cooperation.

She assured that China was ready to support the growth of Nigeria’s economy, adding that the belt and road initiative would continue to contribute to the development of Nigeria in all ramifications.

However, the Deputy Director of Confucius Institute at the University of Lagos, Dr Adetoro Banwo, said that africa countries have benefited immensely from the Belt and Road Initiative (BRI), adding that there had been alot of economic input from China in africa economy.

Banwo added that China has assisted Africa through Foreign Direct Investment, Aid and Infrastructural investment, saying that the socioeconomic relationship between africa and china was a win-win.

The Linguistic Scholar said that despite China’s investment in africa, it had never for once interfere in the sociopolitical existence of the africa countries.

He added that China’s projects in energy sector provides infrastructures for african countries, adding that BRI brought Africa into limelight as against what western scholars postulated.

” BRI forges economic, political and security ties between african and china. Taxes come from the Chinese investors and locals, and this brings an increase in revenue for Afrcan countries.
” BRI has transformed African countries infrastructure financing options. BRI projects have resulted in remarkable improvements to sectors like Transportation. The impact of BRI projects will not be evenly shared among BRI recipient countries in Africa.

In his presentation, the Assistant Director, Research and Studies, Nigerian Institute of International Affairs (NIIA), Prof. Even Ubi, said that Nigeria, China and African relationship has come to stay, adding that China accounts for 18.6% of the global economy in Public Private Partnership (PPP) terms.
Ubi stated that BRI is China’s current global economy strategy that seeks to construct and elaborate web of trade routes.

The International Affairs expert said that China has played great role in Peace and Security in african countries through its pre-emptive measures, adding that this further created more development for the african countries.

Speaking on the financing of BRI, Ubi stated that China has put in place Silk Road Fund with a total investment of USD40 billion and that capital was increased by 100billion Yuan in May 2018.

He explained ” China puts in place financial opportunities for the BRI. China has created special consideration Financial packages for African countrie to tap from. China created the China-Africa Developmental Financing Forum and China- Africa Financial Cooperation consortium to provide more diversified financing packages for African countries. Nigeria’s relationship with China is a win-win thing”.

Chairman, Chinese Industrial and Commercial Enterprise, Dr Eric Ni, said that the Chinese community had helped the host communities in many ways.
Ni said that the Chinese community paid surgery bill of a boy who suffered from cataract, adding that the boy regained his sight.

He said that the Chinese Community also gives out scholarships to students, adding that it has never failed in carrying out its Corporate Social Responsibility (CRS).