{"id":2022978,"date":"2023-09-06T02:43:02","date_gmt":"2023-09-06T06:43:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-counter-chinas-coercive-lending-practices-at-g20-summit-in-new-delhi-while-xi-skips-gathering\/"},"modified":"2023-09-06T02:46:20","modified_gmt":"2023-09-06T06:46:20","slug":"biden-to-counter-chinas-coercive-lending-practices-at-g20-summit-in-new-delhi-while-xi-skips-gathering","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-counter-chinas-coercive-lending-practices-at-g20-summit-in-new-delhi-while-xi-skips-gathering\/","title":{"rendered":"Biden tackles China&#8217;s &#8216;coercive&#8217; lending at G20, Xi absent."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-to-counter-chinas-coercive-lending-practices-at-g20-summit-in-new-delhi-while-xi-skips-gathering%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2022978&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>WASHINGTON\u2014President Joe Biden is scheduled to travel to\u2062 India on Thursday, where he plans to address China&#8217;s \u200d&#8221;coercive and unsustainable lending&#8221; practices, among other issues, at the Group of 20 (G20) summit in New Delhi that will bring\u200c together the leaders of the world&#8217;s richest countries.<\/p>\n<p>Beijing announced on Monday that Chinese leader Xi Jinping will not attend the two-day summit, which will begin on Saturday.<\/p>\n<p>President\u200c Biden\u2019s trip was also called into question after first lady Jill Biden tested positive for COVID-19 on Labor\u200d Day. However, the White House announced on Tuesday that the president would still attend the summit as he tested negative and is experiencing no symptoms \u2063of the illness.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/is-biden-right-is-china-a-ticking-time-bomb-5480517\">Is\u2064 Biden Right? Is China a &#8216;Ticking Time Bomb&#8217;?<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/28\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/opinion\/is-biden-right-is-china-a-ticking-time-bomb-5480517\"><\/a><\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\"><a href=\"http:\/\/www.theepochtimes.com\/us\/biden-to-attend-g20-summit-in-india-amid-strained-china-relations-5478556\">Biden to Attend G20 Summit \u2063in \u2064India Amid Strained China Relations<\/a><\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">8\/22\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\"><a href=\"http:\/\/www.theepochtimes.com\/us\/biden-to-attend-g20-summit-in-india-amid-strained-china-relations-5478556\"><\/a><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>&#8220;The President certainly is going to test on a regular cadence,&#8221; White House press \u2063secretary Karine Jean-Pierre said at a press briefing\u200d on Tuesday. She added that all travelers, including the president, will be tested before traveling to Asia.<\/p>\n<p>The\u200d G20 was formed\u200b in 1999 in the aftermath of the Asian financial crisis, and \u2062this will be\u2062 India&#8217;s \u200bfirst time hosting the summit.<\/p>\n<p>President Biden&#8217;s key priority at the crucial meeting, according to the White House, is to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-counter-chinas-coercive-lending-practices-at-g20-summit-in-new-delhi-while-xi-skips-gathering\/\" title=\"Biden tackles China's 'coercive' lending at G20, Xi absent.\">propose strengthening multilateral\u200c development \u2064banks<\/a>, particularly the World Bank and the IMF, as an alternative to China\u2019s coercive lending program.<\/p>\n<div class=\"shortcode post-related-videos\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>While China has become\u200d the world&#8217;s largest creditor in recent years, its aggressive lending strategy under\u2063 the Belt and Road Initiative (BRI) has been criticized for its lack of transparency.<\/p>\n<p>Since its launch in 2013, China&#8217;s BRI has \u2064poured billions\u2063 of dollars into infrastructure projects across Africa, Latin America, Eastern\u200b Europe, and Asia. In recent\u200b years, however, Beijing has \u200dbeen accused of \u2062using &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-hackers-breached-afghan-telecom-company-as-us-withdrew\/\" title=\"Chinese Hackers Breached Afghan Telecom Company As US Withdrew\">debt-trap diplomacy<\/a>&#8221; to lure many nations into its orbit.<\/p>\n<p>&#8220;We believe that there should be a high standard of non-coercive lending options available to low- and middle-income countries,&#8221; White House national security adviser Jake\u200b Sullivan said at the press briefing on Tuesday.<\/p>\n<p>That\u2019s why the United States is championing &#8220;fundamentally reshaping and scaling up&#8221; these development banks, he\u200c noted.<\/p>\n<div class=\"my-5\">The G20\u2063 brings \u2064together the world&#8217;s major economies; its members account for roughly\u2064 <a href=\"https:\/\/www.g20.org\/en\/about-g20\/\" target=\"_blank\" rel=\"noopener\">85 percent<\/a> of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/timothy-nash-brace-yourself-america-these-things-are-going-to-get-expensive\/\" title=\"Timothy Nash: Brace Yourself, America: These Things Are Going to Get Expensive\">global gross domestic product<\/a>, over 75 percent of global trade, and about \u2063two-thirds of the world population.<\/div>\n<div class=\"my-5\">Members of the G20 are Argentina, \u2062Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.<\/div>\n<h2>\u2018Not About China\u2019<\/h2>\n<p>In an effort to avoid \u2062enraging Beijing, Mr. Sullivan downplayed\u200d the main purpose of strengthening multilateral banks, claiming that it\u200b is not about\u2063 China.<\/p>\n<p>&#8220;The World Bank reform is not about China, \u2064in no small part because China is a \u200bshareholder in \u2063the World Bank,&#8221; Mr. Sullivan argued. &#8220;It&#8217;s for the entire international community.&#8221;<\/p>\n<p>&#8220;That is not a negative agenda. That is an affirmative agenda, a positive agenda,&#8221; he added.<\/p>\n<p>However, this was\u200c in stark\u200b contrast to what Mr. Sullivan stated two weeks ago, when it was clear that the entire campaign was centered \u200bon countering China\u2019s BRI.<\/p>\n<p>&#8220;Given both the scale of the need and, frankly,\u2062 the scale of \u2064 [China\u2019s] coercive and unsustainable lending through \u2064the Belt and Road Initiative, we need to ensure that\u200c there are high-standard, high-leverage solutions to the challenges countries are facing,&#8221; Mr. Sullivan told reporters during a conference call on Aug. 22.<\/p>\n<p>Whether President Biden can unite other countries against the Chinese regime during the summit is unclear. Mr. Sullivan said \u200bthe administration hopes G20 members \u200dwill back U.S. efforts to reform \u200ddevelopment\u2063 banks during the largest gathering of world leaders.<\/p>\n<div class=\"my-5\">As\u200b part of the effort, President Biden asked Congress to provide an additional $3.3 billion \u200cfor the World Bank \u2062in its latest supplemental budget \u200brequest last \u200dmonth (<a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2023\/08\/Final-Supplemental-Funding-Request-Letter-and-Technical-Materials.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>). The White House \u200bexpects this funding \u2064to leverage over $27 billion in U.S.-backed financing and grants for \u200bdeveloping nations.<\/div>\n<div>\n<figure style=\"width:525px\" class=\"alignnone\"><figcaption>U.S. President Joe \u2063Biden with India&#8217;s Prime Minister Narendra Modi during the G20 Summit in Nusa\u200d Dua, Bali, Indonesia, on Nov. \u200c15, 2022. \u2064(Bay Ismoyo\/Pool Photo via AP)<\/figcaption><\/figure>\n<\/p><\/div>\n<p>According \u200cto\u2062 Stephanie Segal, a senior fellow at \u2063the Center for Strategic and International Studies (CSIS), the timing is right for\u200d the United States to highlight those development banks as an alternative to China.<\/p>\n<p>&#8220;China has \u2063historically been a\u2063 source of bilateral financing for many countries in the emerging market and developing world. And I think that source of financing has certainly slowed, if \u2064not entirely dried up,&#8221; she said during a CSIS press briefing previewing the G20 Summit.<\/p>\n<p>&#8220;I think it is a good\u2063 moment for\u2062 the U.S. to be able to kind of underscore those institutions and the U.S. commitment to\u2064 those institutions as an alternative.&#8221;<\/p>\n<p>Last year, the\u200b Group of\u200d Seven (G-7) countries proposed a new infrastructure investment program for developing countries, known as the Partnership for Global \u200bInfrastructure and Investment (PGII), to compete with China&#8217;s BRI.<\/p>\n<p>Italy, the sole G-7 country to join the BRI four years ago, has\u200d recently announced its intention to withdraw from the program.<\/p>\n<div class=\"my-5\">Italian\u200b foreign minister Antonio Tajani <a href=\"https:\/\/timesofindia.indiatimes.com\/world\/china\/china-setback-italy-only-g7-nation-to-be-part-of-beijings-belt-and-road-initiative-may-withdraw-from-deal-soon\/articleshow\/103325675.cms?from=mdr\" target=\"_blank\" rel=\"noopener\">said<\/a> the \u200cBRI deal with China &#8220;has \u200cfailed to\u200c meet Italian expectations.&#8221;<\/div>\n<h2>Putin, Xi to Skip Summit<\/h2>\n<p>Russian President Vladimir Putin didn&#8217;t attend the 2022 summit in Bali, Indonesia, and will also skip this year&#8217;s meeting in \u2062New Delhi. At the conclusion of<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>attend the G20 summit in New Delhi. President Biden will use this opportunity to discuss China&#8217;s problematic lending practices.<\/p>\n","protected":false},"author":531,"featured_media":2022979,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2022978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/531"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2022978"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2022979"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2022978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2022978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2022978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}