China and India have urged the developed world to act more responsibly in managing their debt to restore global financial stability, according to a rare joint statement published by Beijing’s finance ministry.
In unusually strong language for a bilateral statement, Beijing and New Delhi said western countries “needed to adopt responsible macroeconomic policies to handle the issues of debt and financial stability properly”.
The statement reflected “in-depth” discussions between the world’s two fastest-growing economies on issues affecting the leading members of the G20, days after the leaders of the club met in Cannes.
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