Chinese Embassy in Zambia slams U.S. over debt concerns

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Chinese Embassy in Zambia slams U.S. over debt concerns

Xi Jinping's representative in Zambia slammed the U.S. after Treasury Secretary Janet Yellen called Beijing a barrier to debt reform in Africa.

What Happened: Hitting back at Yellen, the Chinese Embassy in Zambia said the U.S. should clear up its debt issues before weighing in on African debt.

Assuming Secretary Yellen's statements about debt were correct, the best prospect of debt issues outside the U.S. would be the U.S. Treasury DepartmentU.S. Treasury Department solving the U.S. domestic debt problem, given how well she knows facts, her professional capacities and her team's implementation ability, The Chinese Embassy in Zambia said on Tuesday.

It added that Janet Yellen Says IRS Needs To Be Completely Redone and It is a Big Task The biggest contribution that the U.S. can make to the debt issues outside the country is to act on responsible monetary policies, cope with its own debt problem, and stop sabotaging other sovereign countries' efforts to solve their debt issues.

The Treasury chief is on a 10 day trip to Africa, visiting three countries. The progress from Beijing on a debt deal with Zambia has taken far too long to resolve, according to Yellen, who spoke in the Zambian capital Lusaka on Monday. Yellen said the Chinese have been a barrier to concluding the negotiations, and she raised the issue with Chinese Vice-Premier Liu He on the sidelines of the World Economic Forum in Davos.

Yellen told the Zambian finance minister that the timely conclusion of the African country's debt treatment was a top priority for the U.S. Treasury.

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