Germany Hails China's Support For G20 Debt Restructuring Plan

Germany has welcomed a show of support from China for the G20 debt restructuring framework for poorer countries in a joint statement after their financial dialogue in Frankfurt over the weekend, as reported by Maria Martinez and Ryan Woo for Reuters.

"Finally, @c_lindner emphasized that for the first time a financial roundtable was part of the German-Chinese. #Finanzdialog was, this exchange of banks and insurers should be continued at #Finanzmarkt to expand market access. It is also conceivable to hold the financial dialogue annually," the German Finance Ministry posted on social media. I Photo: Bundesministerium der Finanzen X

"We welcome the fact that the Chinese side is also committed to this in our Joint Statement because solutions are inconceivable without China as such an important player in world politics," German Finance Minister Christian Lindner said on Sunday, after his meeting with Chinese Vice Premier He Lifeng.

A source told Reuters in April that China had been expected to drop its demand for multilateral development banks to share losses alongside other creditors in sovereign debt restructurings for poor nations.

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

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem