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.
Most conventional economic analyses assume the U.S. economy and its allies are largely insulated from a Chinese slowdown. There are supply chain risks if factories close in China and global growth struggles. But so far this year, the U.S. economy has outperformed expectations as the Chinese economy has underperformed.that the U.S. and its allies"cannot curb the greedy nature of capital and cannot solve chronic diseases such as materialism and spiritual poverty.
Still, China’s economic challenges could create more geopolitical risk as economics can often inform national security strategies. At an August fundraiser in Utah, Biden called China's economy a “ticking time bomb.”The White House said G20 leaders will also discuss the global impact of Russia's invasion of Ukraine and joint efforts combating climate change. Any summit agreements on the climate front are expected to be incremental at best.
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