Chinese Foreign Ministry warns US against instigating conflicts with financial institutions

Chinese Foreign Ministry spokesman Wang Wenbin urged the United States not to introduce elements of geopolitical confrontation into international financial organizations.

This was announced by Wang Wenbin at a press briefing today, Wednesday, as US Treasury Secretary Janet Yellen previously called international financial institutions controlled by the United States of America a counterbalance to the spread of Chinese influence in developing countries.

The Chinese Foreign Ministry spokesman added, “The International Monetary Fund and the World Bank are multilateral financial institutions and platforms that democratize international relations and promote international cooperation based on the full reflection of the interests of member states. I would like to say here that this is not the United States International, not the American Monetary Fund or the American World Bank.

Wang said that China has always respected international law and cooperated in investment with developing countries on the basis of the principles of openness and transparency, “without putting forward any political conditions or pursuing any selfish political goals.”

The diplomat added: “Since last year, the United States has raised interest rates in an unprecedented way, which has led to an increase in the debt problems of the countries concerned and increased volatility in global financial markets.” The United States should “take practical steps to help developing countries engage multilateral financial institutions in dealing with debt issues, rather than introducing elements of geopolitical confrontation into multilateral financial institutions.

Source: News

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