G7 Finance Ministers Openly Frustrated With China on Debt Relief

Debt relief for developing countries is emerging as the latest front in China’s rapidly escalating confrontation with the U.S, European countries, and Japan. Finance ministers from many of those countries, representing the Group of 7 (G7), met on Friday to discuss debt relief initiatives for the world’s poorest countries, including many in Africa.

In a sharply-worded joint statement issued after the meeting, the finance ministers singled out China for failing to do more to support the Group of 20’s Debt Service Suspension Initiative and for Beijing’s lack of transparency in its debt relief talks.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

OR

Already a subscriber? Log in Click Here to Learn More
by Eric Olander

Most Read

1
Developing Countries’ Debt Servicing Costs to China Are Significant, but Nowhere Near as Much as Other Creditors
2 Chinese Military Fans Discuss Why Indonesia Bought Rafale Instead of J-10C
3
Chinese Cargo Planes Secretly Ferrying Supplies to Iran, Claim Online Sleuths
4
Indonesia Goes Nuclear, Taps China and Russia for Modular Reactors
5
Thailand in Last-Minute U.S. Talks as 36% Tariff Looms
6 Trump’s Contradictory Iran Strategy Leaves U.S. Weaker After War’s End, Says Chinese Commentator

You Might Like

With an Eye on China, G7 Finance Ministers Call on G20 Bilateral Creditors to Keep Their Debt Freeze Promises

U.S. Treasury Secretary Steven Mnuchin hosted a teleconference with his fellow finance ministers from the Group of Seven rich countries on Monday and the burgeoning debt crisis in the world’s poorest countries was ...

Bloomberg Asks Zhao Lijian the $4 Billion Dollar Question About Its Zambian Loans: “Will China Opens Its Books?”

Foreign Ministry spokesman Zhao Lijian faced questions yesterday by a Bloomberg reporter as to whether Beijing would do more to help alleviate investor concerns over the lack of transparency of China’s loans to ...

The G20 is Going to Try One More Time to Get Everyone Together to Come Up With a Debt Relief Plan for Poor Countries

Finance Ministers and central bankers from the Group of 20 will convene an extraordinary meeting on November 13th in a bid to come up with a more robust debt relief plan for ...

What Happens if Zambia Defaults on Its Debt To China and Other Lenders?

BBC Africa journalist Jameisha Prescod produced a short, five-minute explainer on what Zambia can expect next, following its announcement that it would be unable to meet a Saturday repayment deadline on $3 billion ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.

More about CGSP