G20 countries concerned about high debts in some countries

G20 countries concerned about high debts in some countries

Xi Jinping

The Chinese head of state and party leader called for more cooperation.

(Photo: via REUTERS)

Nusa Dua, Berlin The G20 countries are concerned about the high level of debt in many developing and emerging countries. “We are concerned about the deteriorating debt situation in some vulnerable middle-income countries,” said a draft final statement of the Group of Large Economists (G20) summit in Indonesia, released to Reuters on Tuesday.

Without mentioning China by name, it says it is important that all official and private bilateral creditors should work together. In addition, more transparency is called for, which should apply to private and state creditors. The background is concerns that China has granted huge amounts of credit to developing countries, which are now highly indebted, via the government, provinces and private companies, but no longer has an overview of the volume itself.

According to the draft, the G20 also want to commit to free world trade and work together so that supply chains are not interrupted and trade is not disrupted. The G20 central banks should also focus their work on fighting high inflation.

China’s head of state and party leader Xi Jinping called for unity at the start of the summit. Speaking to leaders in Nusa Dua on the island of Bali on Tuesday, Xi Jinping said confrontation should be replaced with cooperation. All countries should answer the question: “What is wrong in the world, what should we do about it?”

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The corona pandemic is ongoing. The global economy is becoming more vulnerable. The geopolitical environment remains tense. The crises of food and energy reinforced each other. “All of these pose significant challenges for our development,” Xi Jinping said.

Xi: Europe should be more independent from the United States be

“No one should pursue foreign trade policies at the expense of others, build small gardens with high fences, or create closed or exclusive circles,” Xi Jinping also said against block formationwhich China commonly subordinates to its rival USA.

At the same time, the Chinese head of state called on European countries to become more independent of the United States. At a meeting with the French President Emmanuel Macron on the sidelines of the G20 summit, Xi Jinping said, as important forces in a turbulent world should France and the European Union together with China “uphold the spirit of independence and autonomy”.

>> Read here: Reorientation in Asia? “The world is not waiting for Germany and Europe to get into trouble”

Xi Jinping praised the development of China-France relations, which have “maintained positive momentum,” Chinese news agency Xinhua reported from the summit. Both countries had made “positive progress in important cooperation”. Macron is after Chancellor Olaf Scholz (SPD), who was in Beijing earlier this monththe second European leader to meet Xi Jinping after his re-election at the recent party congress.

>> Read here: There will be no “business as usual”: This is how Germany’s new China strategy is being developed

China’s president also spoke out in favor of including the African Union in the G20 group. Today, this includes the European Union and the strongest economies on all continents: Argentina, Australia, Brazil, China, Germany, France, Great Britain, India, Indonesia, Italy, Japan, Canada, Mexico, RussiaSaudi Arabia, South Africa, South Korea, Turkey and the USA.

More: In the draft of the final declaration, the G20 strongly condemn the Ukraine war – negotiators resorted to two tricks for this

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