China’s Premier Vows to Work With G-20 on Debt Restructuring
- Nation is world’s No. 1 sovereign lender to emerging economies
- IMF, World Bank are raising alarm over record global debt
Li Keqiang
Photographer: Noel Celis/AFP/Getty Images
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Chinese Premier Li Keqiang promised the International Monetary Fund that Beijing will work with Group of 20 nations to formulate “fair and equitable” debt-restructuring plans for developing countries struggling with repayments.
The nation will implement the G-20’s Debt Service Suspension Initiative in all respects, Li said in a meeting Thursday with IMF Managing Director Kristalina Georgieva, according to a release from the Ministry of Foreign Affairs. China will strengthen policy coordination with all parties, including the crisis lender, to tackle global challenges such as debt, he said.