China slams US over ‘catastrophic’ debt Beijing has urged Washington to conduct responsible monetary policy to avoid a default on payments

China slams US over ‘catastrophic’ debt
Beijing has urged Washington to conduct responsible monetary policy to avoid a default on payments

China has rebuked the US for its brinkmanship over the nation's “catastrophic debt problem” as Washington approaches a statutory debt ceiling this week that could see the country defaulting on its obligations.

The criticism came from the Chinese embassy in Zambia’s capital Lusaka, following a reproach from US Treasury Secretary Janet Yellen over alleged mishandling by Beijing of a debt problem in the southern African country.

On Monday, during a visit to Zambia, Yellen said that it was critically important to restructure the country’s debt. She blamed China, the key creditor of the African state, for being an obstacle to resolving the problem.

In response, the Chinese Embassy in Zambia said on Tuesday that “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.”

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