China uses US debt battle to deflect pressure on relief for Zambia
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.
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 ..