Britain’s Business Secretary, Kwasi Kwarteng, said on Tuesday, May 17, that around £13 million (over 16 million dollars) of UK aid for ‘research and innovation’ to China would end this year.
Kwarteng tweeted, “We’ll work with China to tackle global challenges, but we can make a bigger difference spending UK aid where it is more needed.”
According to Reuters, after the British government announced a new International Development Strategy. It promises to make better use of its budget to help other countries promote economic development.
Foreign Secretary Liz Truss proposed the new international Development Strategy. This strategy promises “to challenge dependency on malign actors, offering choice and bringing more countries into the orbit of free-market economies.”
According to Daily Mail, the proposal is partly aimed at Chinese President Xi Jinping’s Belt and Road initiative, which critics have branded ‘debt trap diplomacy.’
The British news agency comments that Beijing has been accused of pursuing strategies to manipulate the world by funding large infrastructure projects in developing countries through unsustainable loans.
The Chinese regime then uses that debt to influence the governments that are its debtors.
The Daily Mail also adds that the Foreign Office notes that the new strategy will see ‘honest and reliable financing’ provided to low-and middle-income countries.