Country: China
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FT Report Provokes Strong Response From U.S., UK Analysts Over China’s Duel With Multilateral Development Banks
FT’s claim (subsequently walked back) that the Zambian Finance Minister rejected China’s call to include the World Bank and other multilateral lenders in debt restructuring triggered responses from prominent commentators across Twitter. The reactions give an interesting glimpse into the complications raised ...
China’s Current Challenge of the Bretton Woods Institutions Has Been Years in the Making
China’s dispute with the Bretton Woods institutions dates back to at least the Obama era. The U.S. Congress refused to ratify a 2010 plan to recapitalize the IMF, which would have given large emerging economies enhanced voting rights because it could have affected the U.S.’s veto vote.
Lekki Port Points to New Chinese Infrastructure Model in Africa
As China struggles with the fallout from infrastructure lending, it’s also trying out new ways of financing projects. A fascinating new paper by the prominent Africa-China expert Hong Zhang details a shift from a model where Chinese companies facilitate financing but ...
IMF Tells Sri Lanka to Gets Its Creditors in Line, Prompting Showdown With China
The Sri Lankan government suffered another setback in its ongoing effort to secure a $2.9 billion emergency financing package from the International Monetary Fund after the lender informed Colombo it would have to secure more assurances from its creditors, namely China, to provide debt relief. ...
Yellen Defends Bretton Woods Institutions Against Challenge From China, Accused Beijing of Acting as “Roadblock” in Zambia
U.S. Treasury Secretary Janet Yellen forcefully defended the primacy of the Multilateral Development Banks (MDBs) in response to China's demand that the World Bank and the International Monetary Fund also take losses on their loans to developing countries. Yellen called for sweeping reforms ...
Cambodia PM: If We Don’t Rely on China for Development Assistance, Then Who?
Cambodian Prime Minister Hun Sen wrapped up a three-day visit to Beijing on Friday that included meetings with his counterpart Li Keqiang and President Xi Jinping. The Cambodian leader went to Beijing with a big wish list that he's hoping China will fund, namely ...
Chinese Scholar on Why Railway Financing Makes Sense for Beijing, Despite Criticism
Chinese-financed railways in Asia and Africa have sparked enormous controversies over whether it was wise for countries like Kenya, Indonesia, Nigeria and Laos to put themselves in so much debt for infrastructure that will take decades to become profitable, if it ever does.
It’s Getting Tougher for African Students to Get a PhD in China
Thousands of African students are back in class again in China following a three-year absence due to the pandemic and Beijing's strict COVID Zero travel restrictions. But doctoral students from Africa and elsewhere are confronting ...
Is Turkey Serious About Its Recent Criticism of China?
By Buğra Süsler Last December Turkish Minister of Foreign Affairs Mevlüt Çavuşoğlu held an end-of-year press conference to review the year’s foreign policy developments and Turkey’s relations with the world. A highlight of this conference was his exceptionally open criticism ...
WEEK IN REVIEW: First Shipment of Australian Coal in Two Years Will Soon Be Offloaded in China
The first shipment of Australian coal in two years will soon be offloaded in China, offering evidence that trade ties between the two countries are thawing. The shipment is anchored off the Chinese port of Zhanjiang, a major steel hub. China imposed a block on trade with Australia ...
China, Syria Blame U.S. Sanctions on Damascus for Hampering Earthquake Relief
China will send $4.4 million in emergency humanitarian aid to earthquake-hit Syria. The announcement came as China also echoed a call by Damascus for U.S. and European sanctions to be lifted to facilitate the delivery of aid. The death toll in northern ...
Chinese Search and Rescue Teams Now on the Ground in Turkey with Dozens More on the Way
An 82-person Chinese search and rescue team is on the ground in earthquake-hit Türkiye after arriving at Adana airport on Wednesday. The team brought 20 tons of medical supplies, rescue equipment, and four sniffer dogs. The team will coordinate with local authorities, the Chinese embassy, ...