The Chinese embassy in Zambia denounced the United States over its debt limit and the “extraordinary measures” that Treasury Secretary Janet Yellen has implemented to prevent US debt default. Yellen said on Monday that it was very important for Zambia to restructure its debt, but Zambia sees it differently. The embassy criticized Yellen’s comments in response, emphasizing that the United States has a “catastrophic debt problem.”
Chinese embassy in Zambia denounces US debt limit and Yellen’s recent comments
Last week, US Treasury Secretary Janet Yellen urged Congress to raise the government’s spending limit or the country could face default on its debts. She also pointed out that the Treasury would have to leverage “extraordinary measures” to keep debt at bay until early June 2023. Federal financial data indicates that the country’s debt exceeded $31.4 billion earlier this week. Yellen also made comments about Zambia on Monday, after meeting Chinese officials in Zurich the previous week.
“I specifically raised the issue with Zambia (with Chinese officials) and asked for their cooperation in trying to reach a quick resolution. And our conversations were constructive,” Yellen is quoted as saying in a report published by Reuters. On the other hand, Zambian Finance Minister Situmbeko Musokotwane said the meeting with Yellen and Chinese officials did not reach a conclusion regarding a debt restructuring process. The Chinese Embassy in Zambia then reproached the issue in direct response to Yellen’s comment and said the US needs to fix its own debt problems.
“The greatest contribution the US can make to debt problems abroad is to pursue responsible monetary policies, address its own debt problem, and stop sabotaging other sovereign countries’ active efforts to resolve their debt problems. debt,” said the Zambian. Lusaka-based officials wrote. The Chinese embassy in Lusaka also aggregate:
Assuming that Secretary Yellen’s statements about debt are correct, the best prospect for debt problems outside the US would be for the US Treasury Department to resolve the US domestic debt problem. USA, given your knowledge of the facts, your professional skills, and your team’s ability to implement. .
The criticism from the Chinese embassy highlights the underlying communication problems that China and the US have been facing for years. In May 2022, reports noted that Chinese experts had urged the leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) to end their reliance on the US dollar. China did not welcome House Speaker Nancy Pelosi’s visit to Taiwan in August 2022. The following month, the Chinese Communist Party-backed Global Times published an opinion editorial insisting that the rise of the dollar could become “the beginning of another nightmare” for other countries. countries.
What is your take on this diplomatic exchange and the underlying issues at stake between China and the US? Share your thoughts in the comments section below.
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