The Chinese government called the remarks of
U.S. Treasury Secretary Janet Yellen “irresponsible” and
“unreasonable” after Yellen said Beijing’s lending activities leave
developing countries “trapped in debt.”
Yellen made the remarks
while testifying before a Senate Appropriations Financial Services and
General Government Subcommittee on Wednesday.
- Yellen said she was concerned by some of China’s activities globally, particularly lending to developing countries.
- Yellen
said the U.S. government was working hard to counter China’s influence
in international institutions and lending to developing nations.
- In
a news briefing on Thursday, Chinese Foreign Ministry spokesperson Mao
Ning said, “the U.S. should take practical actions to help developing
countries instead of pointing fingers at other countries and making
irresponsible remarks.”
- According to a study
by the World Bank, Harvard Kennedy School, AidData, and the Kiel
Institute for the World Economy, China spent $240B bailing out 22
developing countries between 2008 and 2021 as part of its “Belt and
Road” initiative.
