Cyril Ramaphosa says Chinese financial aid is not 'new colonialism'

South African President Cyril Ramaphosa on Monday delivered a stinging rebuttal to criticism of China's development aid in Africa, following a pledge by Chinese President Xi Jinping to invest $60 billion in the continent.

Speaking at a summit on China-Africa cooperation, Ramaphosa said the meeting "refutes the view that a new colonialism is taking hold in Africa, as our detractors would have us believe".

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