China: US needs to take steps to help developing countries

Beijing, The Gulf Observer: China has always carried out investment and financing cooperation with developing countries based on international rules and the principle of openness and transparency. We never attach any political strings, or seek any selfish political interests. We have been helping developing countries relieve debt burdens, and made the biggest contribution to implementing the G20 Debt Service Suspension Initiative. 

This has been stated by Mao Ning, spokesperson of Chinese Ministry of Foreign Affairs when her attention was drawn to a statement of US Treasury Secretary Janet Yellen accusing that the US is working hard to counter China’s influence in international institutions and in lending to developing countries, and that by lending to developing countries, China leaves them trapped in debt. (Reuters)

The spokesperson said that we reject the unjustified accusation from the US adding that World Bank statistics show that multilateral financial institutions and commercial creditors, accounting for more than 80% of the sovereign debt of developing countries, are the biggest source of stress on developing countries in terms of debt payment. Since last year, the US has resorted to unprecedented massive interest rate hikes, making the debt problems of certain countries even worse. The US needs to take concrete steps to help developing countries, rather than point fingers at others.