Follow CGSP on Social Media

Listen to the CGSP Podcast

Chinese Central Bank Official Explains Why Beijing Is so Worried About Debt Restructuring

by Eric Olander
File image of the headquarter building of the People's Bank of China in Beijing. AFP

A senior official with the People’s Bank of China, the country’s central, provided new insights as to why Beijing is demanding that multilateral development banks (MDBs) also take losses on their loans to developing countries — a key sticking point that has brought debt restructuring processes in several countries to halt.

Jin Zhongxia, director general of the central bank’s international department, explained in an online seminar on Monday organized by the Finance Development Lab, a Paris-based think tank, that two factors, in particular, explain China’s reluctance to fully participate in multilateral debt relief processes:

Lead the Conversation on China

Subscribe Today to Get Full Access to The China-Global South Project

Check Out Everything You'll Get With Your Subscription

The China-Global South Daily Brief delivered to your inbox at 6AM Washington time

Full access to exclusive news and analysis from editors based in the Global South

Transcripts of CGSP’s twice-weekly podcasts

Students and teachers with a valid .edu email address are eligible for a 50% discount off monthly or yearly subscriptions. Email us to receive a discount code.

You Might Like

Why Africa Shouldn’t Count on Janet Yellen for Debt Help

U.S. Treasury Secretary Janet Yellen is in Africa touting the Biden administration’s reenergized Africa policy. Her visit comes as several African countries are struggling with debt distress and Zambia and Ghana have officially defaulted. Debt’s prominence ...

IMF, World Bank Losing Patience With China Over Debt Relief Standoff

China’s ongoing stand-off with multilateral lenders over debt relief terms for developing countries will be a prominent issue at International Monetary Fund and World Bank’s annual week-long gathering known as the Spring Meetings ...

With Chinese Assurances, IMF Chief Expresses New Optimism Zambia Debt Deal Now Imminent

The head of the International Monetary Fund, Kristalina Georgieva, expressed renewed confidence that China, together with Zambia’s other major creditors, is close to finalizing a debt deal that will clear the way for ...

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.