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Germany welcomes China's support for the G20 debt restructuring framework

Germany welcomes China’s support for the G20 debt restructuring framework

German Finance Minister Christian Lindner speaks during a session of the lower house of parliament (Bundestag) at the Reichstag building in Berlin, Germany on September 27, 2023. REUTERS/Lisa Johansen/File Photo Obtaining licensing rights

BERLIN, Oct. 1 (Reuters) – Germany welcomed China’s expression of support for the G20 debt restructuring framework for poor countries in a joint statement after their financial dialogue in Frankfurt over the weekend.

“We welcome the fact that the Chinese side is also committed to this in our joint statement, because solutions are unthinkable without China as an important player in global politics,” German Finance Minister Christian Lindner said on Sunday after meeting with the Chinese vice president. Prime Minister Hei Feng.

Neither of them provided further details about the rules of the restructuring plans Joint statement He did not give details.

A source told Reuters in April that China was expected to drop its request for multilateral development banks to share losses alongside other creditors in the restructuring of poor countries’ sovereign debt.

It was not immediately clear on Sunday whether that had happened.

Some countries, such as Germany, have said that with China being by far the largest creditor to many heavily indebted countries in Africa and Asia, Beijing should make concessions to speed up debt restructuring.

During Sunday’s talks, Germany and China also showed their determination to expand market access between the two countries.

“This creates opportunities on both sides for more responsible trade and investment,” German Finance Minister Christian Lindner said on Sunday.

China is ready to work with Germany to enhance “mutually beneficial” cooperation and inject more “positive energy” into their partnership, Xinhua News Agency reported, citing He.

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High-level representatives of central banks and supervisory authorities in countries attended the third financial dialogue between Berlin and Beijing, in addition to representatives of companies.

“It is important for me to emphasize that for the first time in the history of the financial dialogue we have established a financial roundtable with representatives of important financial institutions and private companies,” Lindner said.

Lindner suggested increasing the pace of financial dialogues between China and Germany, so that these meetings take place annually instead of every two years, as both countries want to achieve faster progress. “In politics, two years is a long time, but in financial matters, two years is an eternity,” Lindner said.

The Minister of Finance said that the meeting was held in Frankfurt, as Germany wants to strengthen this city as a European center for financial services.

Reported by Maria Martinez. Additional reporting by Ryan Wu in Beijing; Edited by Alison Williams and Stephen Coates

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