President Joe Biden hopes to demonstrate at the upcoming Group of 20 summit in India and a visit to Vietnam that the United States and like-minded allies can be more trustworthy partners than China on economic and security issues
of a dozen countries most indebted to China, including Pakistan, Kenya, Zambia, Laos and Mongolia, found paying back that debt is consuming an ever-greater amount of tax revenue. Countries in AP's analysis had as much as 50% of their foreign loans from China and most were devoting more than one-third of government revenue to paying off foreign debt.
“We believe that there should be high-standard, noncoercive lending options available to low- and middle-income countries,” Sullivan saidThe Chinese economy is weighed down by a property bubble, local government debt, high youth unemployment and a broader inability to rebound as expected from pandemic lockdowns. Added to that is the longer-term challenge of China's population starting to decline due to aging and lower birth rates.
How China navigates through its economic headwinds is a big question for the White House. The administration has tried to have a stable trade relationship, even as it has frustrated China by restricting imports of advanced technology for national security purposes. U.S. officials have emphasized the importance of an ongoing dialogue between the governments of the world's two largest economies.
Biden is scheduled to meet with Indian Prime Minister Narendra Modi at Modi's residence after he arrives in India on Friday evening.
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