White House officials say Biden, at the summit, will spotlight a U.S. plan to increase by $200 billion the lending power of the World Bank and International Monetary Fund.
President Joe Biden boards Air Force One for a trip to attend the G20 summit in New Delhi, Thursday, Sept. 7, 2023, in Andrews Air Force Base, Md.
After the summit, Biden and Vietnamese General Secretary Nguyen Phu Trong will meet in Hanoi and are expected to announce plans to tighten economic cooperation.Vietnam and China have robust trade relations, but also deep differences. Vietnam, like Malaysia, the Philippines, Taiwan and Brunei, has been in a tense territorial standoff for decades with China, which has claimed authority over waters in the South China Sea that are hundreds of miles from the Chinese coastline.
White House national security adviser Jake Sullivan said he could not confirm the deal. He said the initiative is something “that we’ve invested effort into with our partners.:” Raimondo told The Associated Press that “the world is looking for the U.S. and China to responsibly manage our relationship.” She said the administration’s goal is to have a stable economic relationship in which there is consistent engagement. But Xi’s decision to not attend the G20 shows that “we have work to do” regarding communication between the countries, she said.
A recent Associated Press analysis 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.
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