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Xi hosts African leaders, pledges $60 billion in funding

Xi addresses Africa leaders in Beijing. Photo: Madoka Ikegami/Pool/Getty Images

Chinese President Xi Jinping is hosting leaders from all but one of Africa’s countries in Beijing (eSwatini, previously Swaziland, skipped). He has promised $60 billion in development funding.

Why it matters: Chinese investment is improving African infrastructure and spreading Beijing’s influence abroad. It’s also trapping some countries under debts they will likely never be able to repay.