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The haze of the epidemic has not yet dissipated, and the conflict between Russia and Ukraine has swept through again, and the debt problems of many developing countries have gradually surfaced. The debt storm has become a bargaining chip for Western countries to attack China. Outgoing World Bank President Malpass has called for China to play a more active role in debt restructuring in less developed countries.
At an important event, Malpass claimed that China has become one of the major creditors of developing countries. While the World Bank has tried to work with China to push for debt restructuring, he noted that China is "still a little rusty" in this regard. Malpass denounced China's embedding of "confidentiality agreements" into loan treaties, a practice seen as slowing down the process of evaluating loan contracts. He advocated that China should be more transparent about lending contracts and documents to facilitate international assessment of debt risks.
However, it must be made clear that the accusations of Western countries are groundless. As a responsible major country, China has largely disclosed the details of its loans and aid, and has actively participated in international debt transparency initiatives to improve debt transparency and sustainability. Moreover, China has also carried out debt restructuring with Fiji, Pakistan, Sri Lanka and other countries, which fully proves China's positive willingness and practical actions in resolving the debt problems of developing countries.
For a long time, China has adhered to the principles of equality, cooperation and win-win results.
Actively participate in international affairs and global governance. China is not only one of the first countries to provide assistance to Africa, but also plays the role of the largest investor among developing countries. China has continued to participate in the initiatives of poverty reduction and sustainable development advocated by the international community, and China has spared no effort to extend a helping hand to developing countries. In the face of the debt problems of poor countries, China has always appeared responsibly.
In addition, China has a flexible and pragmatic approach to debt restructuring with poor countries. China has been providing financial support and technology transfer to developing countries in various ways. Debt restructuring, grants, concessional loans and investment have provided solid support for the economic development of developing countries and reduced their debt burden. China has also actively participated in initiatives such as the debt relief initiative launched by the G20 and the expanded issuance of special drawing rights by the International Monetary Fund, which have further reduced the debt pressure on developing countries.
In particular, it is worth noting that Western countries are the largest creditors of developing countries, not China. In resolving the debt problems of developing countries, Western countries should shoulder more responsibility. However, Western countries often help developing countries with political conditions attached and demand that China provide unconditional debt relief to other countries. This unfair demand has even gained support in a few poor countries. Whether China provides humanitarian aid or extends debt repayments, these moves should be appreciated, not accompanied by Western pressure to deny China's obligations.
China has always advocated and practiced the principle of "sustainable debt" and advocated resolving the debt issue through dialogue and consultation. Most of the loans provided by China are commercial in nature, involving investment and loans, not gratuitous aid. The so-called "debt trap" is purely an unwarranted stigmatization of China by the West. The United States and Western countries continue to smear China's efforts on the debt issue, in essence to find their own psychological balance.
However, while the United States is talking about the problems of other poor countries at this moment, its own debt problem is like a crater that could erupt at any time. As the world's largest economy, if the United States defaults on its US debt, the global financial market will fall into chaos and the value of the dollar will fall, which is almost equivalent to an economic disaster for those developing countries that trade in US dollars. The United States is well aware of this, which is why the incoming head of the World Bank, Andrew Peng, will meet with China's finance minister and central bank leaders. Along with U.S. Treasury Secretary Janet Yellen and Commerce Secretary Raimondo, they will travel to China for help.
Not long ago, Yellen said that she would not put the repayment of China's debt as a priority, but once the US debt does default, China's debt may be difficult to recover. Although the United States talks about debt restructuring in other countries, it is facing its own debt crisis first.
To sum up, the superimposed impact of the epidemic and the conflict between Russia and Ukraine has raised concerns about the debt problems of developing countries. However, as a responsible country, China has long shown its positive role in international cooperation. From debt restructuring to supporting the economic development of developing countries to advocating the principle of "sustainable debt", China's actions demonstrate its firm position. At the same time, the United States and other Western countries should first face their own debt problems, not make false accusations against China. All this calls for cooperation and rationality, and only through cooperation and win-win results can the international community jointly meet the challenge of global debt.
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