China Official Says Debt Fix Slowed by Global Development Banks
- Jin Zhongxia says China creditors hesistant to offer relief
- Beijing has pushed for World Bank and others to offer relief
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Chinese creditors are more hesitant to participate in sovereign debt restructuring because multilateral development banks are not offering debt relief, a senior official at China’s central bank said.
Jin Zhongxia, head of the international department at the People’s Bank of China, repeated calls by Beijing to change prevailing norms for restructuring countries’ overseas debts, including direct relief by institutions such as the World Bank. The World Bank rejected that suggestion earlier this year.