WASHINGTON (AP) — President Joe Biden wants to show the world at the Group of 20 summit in India and during a stop in Vietnam that the United States and its like-minded allies are better economic and security partners than China. White House officials said Biden, who departed Thursday evening for New Delhi, will use the annual G20 gathering as an opportunity for the U.S. to highlight a proposition for developing and middle-income countries that would increase the lending power of the World Bank
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.
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