Chinese finance minister Liu Kun defended the Belt and Road Initiative against charges that it creates debt traps at the two-day BRI forum in Beijing. Handout.

Chinese finance minister Liu Kun defended the Belt and Road Initiative against charges that it creates debt traps at the two-day BRI forum in Beijing.

BRI is not a debt trap, he said, as he released a sustainability analysis framework for BRI projects on the event, reported.

The framework is based on International Monetary Fund and World Bank criteria of sustainability for low income countries, the report said.

Chinese finance ministry will also strengthen cooperation between finance ministries of other countries, multi-lateral banks and financial institutions to establish high quality and sustainable financing system, Liu said.

Yi Gang, the Chinese central bank governor, was quoted as saying at the same forum, that BRI projects now have a more comprehensive and market-oriented financing supporting system.

Chinese financial institutions have provided more than US$440 billion funds for BRI projects. By the end of 2018, 11 Chinese banks have set up 76 first-tier branches in 28 BRI countries, while nearly 50 banks from 22 BRI countries initiated their businesses in China.

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