Jiang Haiyan: Did the Olympics Bring About the Cancellation of Aid Awarded to China?
In this piece from Caijing Magazine, Jiang Haiyan channels the voice of Vice-Secretary of China Development Research Foundation, Tang Min, to explain what the discontinuation of foreign aid means to China.
Min says it’s unsurprising that countries such as England and Germany are talking about discontinuing aid to China. Although the discontinuation comes up following the Beijing Olympics and the successful Shenzhou-7 space mission, it is not a reaction to these events themselves, but a logical ramification of China’s sustained economic growth. Min also points out that the amount of foreign aid China receives is miniscule in comparison to the government’s total expenditure.
Min posits that China has reached a new stage in its development, obviating the need for financial aid. Instead, China needs less tangible aid in the form of cooperation, experience, and good ideas from the international community. This article concludes with Min’s summary, “In total, the positive aspects are greater than the negatives.”
Min is right; the prestige and pride China gains from financial independence clearly outweigh the strings-attached pittances it receives in aid.