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S&P 500   3,852.36
DOW   32,920.46
QQQ   296.26
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Is This The End of Capitalism? (Ad)
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Biden, McCarthy to discuss debt limit in talks on Wednesday
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S&P 500   3,852.36
DOW   32,920.46
QQQ   296.26
Inflation Tips for Startups – Top 11
Is This The End of Capitalism? (Ad)
Trustees picked by DeSantis may change progressive college
Qatar replaces Russian company in Lebanon gas exploration
Is This The End of Capitalism? (Ad)
France must raise pension age to 64, prime minister says
Elon Musk's mysterious ways on display in Tesla tweet trial
The Next Big Crisis Is Here (Ad)
Biden, McCarthy to discuss debt limit in talks on Wednesday
Dutch firm: US, allies near deal to limit chip tech to China
S&P 500   3,852.36
DOW   32,920.46
QQQ   296.26
Inflation Tips for Startups – Top 11
Is This The End of Capitalism? (Ad)
Trustees picked by DeSantis may change progressive college
Qatar replaces Russian company in Lebanon gas exploration
Is This The End of Capitalism? (Ad)
France must raise pension age to 64, prime minister says
Elon Musk's mysterious ways on display in Tesla tweet trial
The Next Big Crisis Is Here (Ad)
Biden, McCarthy to discuss debt limit in talks on Wednesday
Dutch firm: US, allies near deal to limit chip tech to China

China cites US debt issue to deflect pressure on Africa debt

Janet Yellen
U.S. Treasury Secretary Janet Yellen stands in the "Door Of No Return" on Goree Island, Senegal, Saturday Jan. 21, 2023. The Chinese government said Tuesday, Jan. 25, 2023, that the United States should stop pressuring it on debt relief for Zambia and get its own financial house in order to avert a default and possible repercussions for the global economy. (AP Photo/Stefan Kleinowitz, File)

BEIJING (AP) — The Chinese government says the United States should stop pressuring it on debt relief for Zambia and focus on averting a government default at home with possible repercussions for the global economy.

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 and steadily since 2016, according to Boston University's Global Development Policy Center.

New loan commitments dropped to eight projects totaling $3.7 billion in 2021, down from a peak of 151 projects and $80 billion in 2016, based on data compiled by the center.

Addressing Zambia’s debt was a major reason for Yellen’s visit and she said Monday that "it’s taken far too long already to resolve this matter.” The country failed to make a $42.5 million bond payment in November 2020, becoming Africa’s first coronavirus pandemic-era sovereign nation to default.

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.

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