Foreign Minister Qin Gang rejected claims that the Belt and Road Initiative has resulted in debt traps, saying that the initiative has evolved from vision into reality, boosted development in partner countries and delivered tangible benefits to their people, China Daily reported. Speaking at a news conference on the sidelines of the first session of the 14th National People's Congress, Qin said the BRI, through a decade of efforts, have laid down a pathway toward common development and created an array of national landmarks, livelihood projects and milestones of cooperation. "China should be the last one to be accused of the so-called debt trap. Data show that multilateral financial institutions and commercial creditors account for over 80 percent of the sovereign debt of developing countries," he said.

The unprecedented interest rate hikes by the US have led to massive capital outflows in many countries and worsened the debt problems of countries concerned, he added, according to China Daily.

Beijing will continue to participate constructively in the resolution of international debts issues, he said, adding that China has been making efforts to help countries in distress and is the biggest contributor to the G20 Debt Service Suspension Initiative. "We call on other parties to act together and share the burden fairly. When parties sit together and talk things through, there will be more solutions than problems," he said. He added that Beijing will host the third Belt and Road Forum for International Cooperation this year, and the nation will take this opportunity and work with all parties for more fruitful outcomes from Belt and Road cooperation.