China lectures US to ‘Solve Its Debt Problem’ Instead of Worrying About Zambia’s
China lectures US to ‘Solve Its Debt Problem’ Instead of Worrying About Zambia’s
The People’s Republic of China has fired back at US criticism of its relationship with Zambia, arguing that Washington should address its own crisis first.
A statement released by the Chinese Embassy in Lusaka on Tuesday has urged the US Treasury to focus on “solving the US’ own domestic debt problem.”
“The biggest contribution that the US can make to the debt issues outside the country is to act on responsible monetary policies, cope with its own debt problem and stop sabotaging other sovereign countries’ active efforts to solve their debt issues,” the statement blasted.
“We do hope [US Treasury Secretary Janet] Yellen can manage to prevent the US from defaulting on its obligations and protect the country’s credit,” the embassy added, referring to the financial crisis unfolding in Washington that threatens to cause a default on the US’ national debt.
However, the embassy added that “even if the US one day solves its debt problem, it is not qualified to make groundless accusations against, or press for, other countries out of selfish interests, because it cannot at all alleviate [the] US’ tremendous responsibility for the reason of the world debt issues, let alone the fact the US’ domestic debt problem is now worsening the world’s economic and financial stability.”
While Yellen was in Zambia recently, she criticized China for causing “problems” for the country, including burdening it and several other African nations with “a legacy of unsustainable debt.”
She called on Beijing to help Lusaka settle its debt problems after Zambian President Hakainde Hichilema told Western financial representatives that he wanted to conclude debt restructuring talks soon or it would “distort all the good efforts that we have been making to reconstruct the economy and bring investment.”
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