The Chinese embassy in Zambia condemned the United States' breach of its debt limit and the "extraordinary measures" taken by Treasury Secretary Janet Yellen to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia saw it differently. The embassy then castigated Yellen's comments and emphasized that the US had 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 increase the government's spending limit or the country could default on its debt. She …
The Chinese embassy in Zambia condemned the United States' breach of its debt limit and the "extraordinary measures" taken by Treasury Secretary Janet Yellen to stave off a U.S. debt default. Yellen said on Monday that it was very important that Zambia restructure its debt, but Zambia saw it differently. The embassy then castigated Yellen's comments and emphasized that the US had a "catastrophic debt problem."
Last week, US Treasury Secretary Janet Yellen urged Congress to raise the government's spending limit or the country could default on its debt. She also noted that the Treasury would need to have leverage “ Extraordinary measures ” to keep the debt in check until early June 2023. Federal financial data shows that the country's debt has been exceeded $31.4 trillion earlier this week. Yellen also commented on Zambia on Monday after meeting with Chinese officials in Zurich the week before.
"I raised the issue specifically with Zambia (with Chinese officials) and asked for their cooperation to reach a quick resolution. And our discussions were constructive," Yellen is quoted as saying in a Test 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 at that time accused the topic in direct response to Yellen's comments, saying the U.S. needs to solve its own debt problems.
“The greatest contribution the U.S. can make to the debt problems outside the country is to pursue responsible monetary policy, manage its own debt problem, and stop sabotaging the active efforts of other sovereign countries to resolve their debt problems,” the Zambian-based official in Lusaka wrote. The Chinese Embassy in Lusaka continues added:
Assuming that Secretary Yellen's statements about debt are correct, the best prospect for the debt problems outside the US would be for the US Treasury to solve the problem of US domestic debt, given her knowledge of the facts, her professional skills and her team's ability to execute.
The Chinese embassy's criticism underscores the underlying communication problems between China and the US Handling with for years. In May 2022, Reports noted that Chinese experts had urged the leaders BRICS countries (Brazil, Russia, India, China and South Africa) to end their dependence on the US dollar. China was not happy with House Speaker Nancy Pelosi Visit to Taiwan in August 2022. The very next month, the Chinese Communist Party-backed Global Times published one opinion editorial team who insisted the rising dollar could be “the start of another nightmare” for other countries.
What do you make of this diplomatic exchange and the underlying issues between China and the US? Share your thoughts in the comments section below.
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