China Announces Debt Cancellation at African Summit

China's President Xi Jingping announced a $60 billion debt relief and financing package to African countries during a China-Africa summit. President Jingping said China would cancel outstanding debt from African countries due this year but did not specify an amount. The package, announced during the Forum on China-Africa Cooperation in Johannesburg, South Africa, includes grants, zero-interest loans and other concessional financing.