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China Pushes Back Against U.S. Criticism That It’s Not Doing Enough to Support the G20’s Debt Relief Initiative

The Chinese government is becoming increasingly impatient with the persistent U.S. criticism that it isn’t doing enough to support the G20’s Debt Service Suspension Initiative (DSSI). U.S. officials have steadily increased their critiques in July in the run-up to the G20 finance ministers meeting in Italy that concluded on Saturday.

First, Deputy U.S. National Security Advisor Daleep Singh said the combination of China’s opaque lending practices, onerous contract terms, and its refusal to include commercial loans issued by the China Development Bank as part of the DSSI have all contributed to the failure of the G20 program. Then, last week, an unnamed U.S. Treasury department official echoed those sentiments in an interview with Reuters when s/he said that Beijing needs to “boost its participation in the G20 debt response” (that’s code for including commercial loans in the DSSI).

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