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countries achieve debt sustainability in the long run. Three main types of debt service to achieve this goal are “debt financing, debt relief, and debt restructuring.” The OECD also emphasised the importance of resources mobilisation in the changing development context in its Development Co-operation Report 2014 260. The financial support should not be limited in the form of development aid from the Global North, but all countries should also move from aid to development co-operation between stakeholders in the Global South. It means providers of development cooperation should not be viewed as donors, but they can also provide other types of support, particularly funding. Besides, recipient countries are now considered to be partners to achieve global sustainable development based on the principle of common interests but differentiated responsibilities. Given these changes, China as a developing country has been advocating for SouthSouth cooperation through different types of financing261. AIIB, Silk Road Fund, New Development Bank, China Development Bank and the Export-Import Bank of China are the main institutions that have been providing financial support to BRI. They support various BRI projects in different fields, including infrastructure, energy, telecommunications, urban development, and environmental preservation. Recipient countries receive financial support through several instruments, such as loans, guarantees, and investments262.
260 OECD, “How to better mobilise resources for sustainable development", in Development Co-
operation Report 2014: Mobilising Resources for Sustainable Development,” (2014), OECD Publishing <https://doi.org/10.1787/dcr-2014-5-en>. 261 Li Xiang, “China to promote South-South cooperation to boost development: Chinese FM” (Xinhua, 9 July 2021) <http://www.xinhuanet.com/english/2021-07/09/c_1310050450.htm> 262 UNDP and China Center for International Economic Exchanges The Belt and Road Initiative: A new means to transformative global governance towards sustainable development (2020) 69-70 <https://www.cn.undp.org/content/china/en/home/library/south-south-cooperation/a-new-means-totransformative-global-governance-towards-sustaina.html> (30 October 2021)
