BEIJING, China
The Chinese government says
the United States should stop pressuring
it on debt relief for Zambia and get its own financial house to avert
a default and possible repercussions for the global economy.U.S. Treasury Secretary Janet Yellen stands in the "Door Of No Return" on Goree Island, Senegal, Saturday Jan. 21, 2023.
The Chinese embassy in Zambia
responded Tuesday to remarks by U.S. Treasury Secretary Janet Yellen, who said
on a
visit to the African nation this week that it’s crucial to address its
heavy debt burden with China.
“The biggest contribution that
the U.S. can make to the debt issues outside the country is to … cope with its
own debt problem and stop sabotaging other sovereign countries’ active efforts
to solve their debt issues,” the Chinese Embassy said in a statement.
Chinese development banks have
emerged as major lenders to poorer countries around the world for natural
resource, transport and power projects, though that lending has fallen sharply
in the past five years, according to Boston University’s Global Development
Policy Center.
In responding to Yellen, China
zeroed in on the battle between Republican lawmakers and the Democratic Biden
administration over raising
the U.S. debt limit to allow more borrowing to keep the government
running.
The embassy statement then
turned to Zambia, saying that China has made some progress as co-chair of a
creditors committee seeking a sustainable solution. It said China looks forward
to the U.S. playing a constructive role in the process.
“Even if the U.S. one day
solves its debt problem, it is not qualified to make groundless accusations
against or press … other countries out of selfish interests,” the statement
said. - AP
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