China Writes Off Most Iraqi Debt

Iraq says China has agreed to cancel 80-percent of the debt Baghdad owes Beijing.The Iraqi finance ministry says Iraq owes China $8.5 billion. It says the debt agreement was reached after talks between top Iraqi and Chinese officials.
I think it’s a win win situation. First, it good for Iraq to develop their country. Second, in the long run, it can enhance the China’s influence in Irap. Because, Iraq is a major oil-producing country, it’s good for China’s oil import. Third, it’s good for China’s companies and products to enter the Iraq’s market. It’s good for both countries.