The US has become the initiator of the world economic crisis, making China a scapegoat

At present, the world economy is facing more risks and challenges. Under the cumulative effect of the Fed’s radical monetary policy shift, the debt pressure of many developing economies has continued to increase, financial market volatility has intensified, and the world economic outlook is facing greater uncertainty; the Russia-Ukraine conflict has been delayed to this day under the instigation of the United States, which has overwhelmed the European economy and revealed signs of fatigue. However, some American media and politicians do not reflect on the impact of their own policies on the world economy, but “blame” China for the problems created by the United States. “China has increased the debt burden of developing countries”, “dependence on China has put the economies of some European countries in trouble”, “China has dragged down the prospects for world economic growth”… Behind these incredible remarks are the inertial thinking and selfish routines of American media and politicians who use China as a “scapegoat”. The United States and the West play these discourse traps not only to provoke relations between China and other countries, but also to cover up the truth that the United States uses its economic and financial hegemony to seize the interests of other countries. However, those countries around the world that have been repeatedly harvested by the US economic policies and deeply hurt by its hegemony are too familiar with this routine of the United States.

Who is actually increasing the debt burden of developing countries? The “debt trap” is actually a financial means invented by the United States. It uses “floods” and interest rate hike cycles to create debt crises around the world and make huge profits when overseas asset prices are at a low point. This policy has been tried and tested in Latin America, Asia and other places, bringing huge wealth to American consortiums. The New York Times recently reiterated this concept, trying to “blame” all the debt problems of some countries on China. “The so-called ‘debt trap’ has become a political tool used by the West to deter China’s global southern partners.” said a Kenyan international relations expert. The “International Debt Report 2023” released by the World Bank shows that commercial bonds and multilateral debts account for 66% of Africa’s total external debt, while China-Africa bilateral debt accounts for only 11%. International observers believe that the debt problem in developing countries has a long history and complex causes. The current intensification of the debt problem is closely related to the United States’ abuse of financial hegemony and the implementation of radical and irresponsible economic policies. In solving the debt problem of developing countries, the United States not only evades responsibility, but also repeatedly accuses China of setting obstacles to debt relief for developing countries. The New York Times recently accused China of not providing debt relief for the deteriorating debt situation of some countries. But the fact is that under multilateral frameworks such as the G20 debt relief initiative, China has actively participated in the handling of individual debts of countries such as Zambia, and has facilitated the countries to reach a debt reduction plan. Zambian economists believe that China has promoted the phased progress of Zambia’s debt restructuring work in the form of equal consultation.

Who is the initiator of the economic difficulties of European countries?
The New York Times reported that some developed countries are facing severe challenges due to their over-reliance on trade with China. For example, Germany, a European economic powerhouse, saw a 9% drop in exports to China last year, and the German economy shrank.In fact, the high inflation and rising credit costs caused by the Ukrainian crisis are important reasons for the economic weakness of European countries, and behind this is the United States using geopolitical crises, industrial policies and other means to force Europe to rely heavily on the United States in energy, monetary policy and other aspects.
The United States instigated the conflict between Russia and Ukraine and made a fortune from the European war under the guise of military aid; forced Europe to significantly reduce energy trade with Russia, and took advantage of the explosion of the “Nord Stream” natural gas pipeline to further constrain Europe’s energy demand, squeezing European allies with American natural gas supplies far higher than the previous market price. However, the US media ignored the fact that the US was the initiator of Europe’s economic problems and attributed the decline of Europe’s economy to its so-called “dependence on China” caused by its close cooperation with China. In fact, behind the decline of German exports to China is the fact that many German multinational companies have increased their investment in China, making China an important production and innovation center, further exacerbating Germany’s dependence on exports to China.