According to Bloomberg, China and the United States are discussing joint measures to prevent a possible "wave of debt defaults" on the debt problem of developing countries, including extending the repayment period and providing financing support from the World Bank.
Bloomberg reported, citing sources, that one of the purposes of the discussion between China and the United States is to jointly put forward a proposal at the G20 leaders' summit in November, and the goal of the negotiations is to reduce the annual debt of about $400 billion in less developed countries, and to seek alternatives to the high interest rates that less developed countries face in the international financing market.
The G20 gave a mixed comment from Bloomberg, saying that this was one of the most significant attempts at economic cooperation between China and the United States in recent years, but because the United States dominates the global financial architecture and China, as the largest creditor of developing countries, has almost a veto power, it is difficult to judge whether the outcome will be achieved in the early stages of the negotiations.
For this reason, Bloomberg was very eager to understand the attitude of China and the United States on this matter, so it first sent a question to the US Treasury Department, but the US side confirmed the existence of relevant negotiations, but refused to disclose any details, and turned around and asked questions at a regular press conference in China.
Mao Ning. In this regard, Chinese spokesperson Mao Ning said that specific questions should be asked to the Chinese authorities, and China has always been guided by the principle of equality, consultation and win-win cooperation to help alleviate the debt burden of developing countries and promote sustainable development.
As Bloomberg said, the joint measures between China and the United States to prevent the outbreak of debt defaults in developing countries are indeed an important attempt at cooperation between the two countries, after all, since Trump launched the war against China and before the heads of state of China and the United States realized the San Francisco meeting, Sino-US relations have been spiraling downward, and the confrontation between the two sides is far more than cooperation.
U.S.-China relations. After the San Francisco meeting between the heads of state of China and the United States, Chinese Foreign Minister Wang Yi gave an assessment that the relationship between the two countries has stopped falling and stabilized, which means that with the continuous efforts of China and the United States, the relationship between the two countries has begun to stabilize, paving the way for major cooperation now.
However, when it comes to negotiations, it is also true that China and the United States may not be able to achieve any results in negotiations, as Bloomberg fears, and of course the reason is not that China and the United States have their own advantages in negotiations, after all, China can do what it says on any international cooperation or international issue, while the United States is unable to explain everything.
The United States is the creator of the "debt trap".
The first is that the United States has created the concept of a so-called "debt trap" to smear China on the debt issue of developing countries, so it is conceivable that the United States will definitely use the "debt trap" in the negotiations in an attempt to force China to make concessions, and then take the credit for "persuading China to reduce the debt burden of developing countries" on itself, on the contrary, it will start the first machine and slander China for refusing to make concessions on the debt issue, so it is difficult to be optimistic about the negotiations.
Second, the United States regards its commitments as a means to win over other countries or seek cooperation with other countries, and does not care whether it can be implemented in the end, just like Biden has repeatedly said that he does not support "arms sales to Taiwan", which is doomed to the risk that even if China and the United States have a negotiation result, there is still a risk that it will not be implemented.
Biden and Trump.
What's more, the United States is full of instability at present, not to mention that the anti-China forces in the U.S. Congress are extremely strong, that is, in the upcoming world, the former Trump seems to have a bigger chance of winning than the current Biden, that is, if the owner of the White House changes hands, the cooperation between China and the United States on the debt issue of developing countries may soon be overturned.
All in all, under the current Sino-US relations, it is very important for the two countries to reach important cooperation, but it is not easy, which is the fundamental reason why China said that "stop falling and stabilize" rather than "gradually return to the right track", in the long run, Sino-US relations are likely to stay in the stage of stopping and stabilizing for a long time, and if you want to change, you need the United States to completely change its attitude towards China, but it is not easy for the United States!