2020年11月21日至22日，G20將舉行領導人第十五次峰會。作為今年G20財金渠道一項重要議程，G20「暫緩最貧困國家債務償付倡議」及《緩債倡議後續債務處理共同框架》將作為財金渠道重要成果提交領導人峰會。這是G20歷史上首次各方共同參與的多邊債務處理，國際社會普遍關注。近日，財政部長劉昆就G20債務議程接受中外記者採訪。
一、作為最大發展中國家和新興債權人，中國參與並落實G20「暫緩最貧困國家債務償付倡議」，受到國際社會廣泛關注。請問中國落實該倡議的具體情況及成效如何？
答：突如其來的新冠肺炎疫情對全球經濟造成巨大衝擊，低收入國家債務脆弱性和可持續性問題進一步凸顯。今年3月26日，G20領導人特別峰會提出將繼續應對低收入國家因疫情導致的債務脆弱性風險。4月15日，G20財長和央行行長會議通過了「暫緩最貧困國家債務償付的倡議」（以下簡稱「G20緩債倡議」），在淨現值中性的基礎上，暫緩最貧困國家今年5月1日至年底到期的主權債務本息償付，以幫助其釋放更多財政資源，用於應對疫情衝擊和恢復經濟社會發展。
作為G20成員和相關國家債權人，中方高度重視緩債倡議落實工作。習近平主席今年5月以來在多個國際場合鄭重承諾，中方將同G20成員一道落實緩債倡議。中國財政部會同中國人民銀行等相關部門，積極協調、全面推進緩債倡議落實工作。截至目前，國家國際發展合作署和中國進出口銀行作為雙邊官方債權人，已經全面落實符合倡議要求的緩債申請，緩債金額達13.53億美元，23個國家從中受益。中國國家開發銀行作為商業債權人，按照自主自願和市場原則，積極響應緩債倡議，截至9月末與有關受惠國家籤訂協議的緩債金額達到7.48億美元。中國是G20成員中落實緩債金額最多的國家，以實際行動為支持最貧困國家應對疫情挑戰和債務脆弱性作出了積極貢獻。這也是中方為G20領導人利雅得峰會提供的重要成果。
倡議落實過程中，中國雙邊官方債權人和商業債權人秉持認真負責的態度，有序推進緩債行動，與申請緩債的國家進行充分磋商，有效確保相關國家真正受益。同時，中方充分尊重申請緩債國家的自主決定和法律程序，以避免產生申請緩債國家信用評級受損等負面影響。
二、據了解，G20目前已經同意對緩債倡議進行延期，並將開展後續債務處理，可否介紹下這方面的相關情況？
答：G20緩債倡議主要是解決最貧困國家面臨的短期流動性問題。但隨著疫情持續蔓延，全球經濟陷入衰退，許多最貧困國家由流動性困難演變為償付危機的可能性大增。為此，G20在緩債倡議基礎上，提出了延長緩債期限和後續債務處理的建議，推動各方採取更大力度的減緩債措施，加大對最貧困國家的支持和幫助。
中方對此予以積極支持。一是率先呼籲並支持延長緩債期限。習近平主席在6月17日中非團結抗疫特別峰會上率先呼籲「G20在落實當前緩債倡議基礎上，進一步延長對包括非洲國家在內的相關國家緩債期限」。這體現了中國主動承擔國際責任、推動國際抗疫合作的大國擔當，對於推動各方就緩債倡議延期達成共識發揮了重要引領作用。10月14日，G20財長和央行行長一致同意將緩債期限延至2021年6月30日，並將在明年4月確定是否需要再延期6個月。
二是建設性參與後續債務處理討論，並核准G20《緩債倡議後續債務處理共同框架》（以下簡稱共同框架）。我們從解決最貧困國家實際困難、支持全球抗疫的需要出發，堅持「共同行動、公平負擔、個案處理、多邊共識」的多邊債務處理原則，推動各方最終形成了較為平衡和可操作的後續債務處理方案。共同框架強調加強債權人協調，所有對某一債務國有債權的雙邊官方債權人都將參與對該債務國的債務處理，且原則上不採用債務免除或核銷的方式；要求商業債權人提供與雙邊官方債權人至少同等條件的債務處理；多邊開發銀行要在保護其現有評級和低融資成本並借鑑以往債務減免等經驗基礎上，就如何最好地幫助發展中國家滿足長期融資需求制定方案等。11月13日，G20財長和央行行長特別會議核准了共同框架。
緩債倡議和共同框架是中方首次參與國際多邊債務協調進程，充分展示了中方致力多邊合作、積極參與國際債務行動的建設性態度。國際社會對此給予高度評價，認為共同框架是改善國際債務協調及治理的重要一環，中方為此作出了積極貢獻。同時，作為今年G20財金渠道達成的具有裡程碑意義的歷史性成果，共同框架也體現了G20堅持多邊主義、共同應對疫情挑戰的團結協作精神，以及各方推進國際多邊債務協調、積極解決低收入國家債務脆弱性的堅定決心。
三、中方對於下步繼續參與G20緩債倡議及後續債務處理有何考慮？
答：中方將繼續通過G20渠道，圍繞解決最貧困國家債務脆弱性問題，與其他各方加強溝通協調，積極參與多邊債務協調進程。一是結合有關國家的訴求，切實落實好緩債倡議延期工作。二是與其他多雙邊債權人一道，做好後續以個案為基礎的債務處理工作，加大對疫情特別重、壓力特別大的發展中國家的支持力度。三是繼續鼓勵國家開發銀行等中國商業債權人以可比方式參與緩債行動。四是積極支持最貧困國家將解決債務問題與經濟社會恢復發展有機結合，助其早日擺脫疫情影響，重回發展軌道。
此外，中國還將繼續通過多雙邊渠道向發展中國家抗疫和經濟社會恢復發展提供力所能及的支持，包括落實好兩年提供20億美元國際援助的承諾；以多種方式優先向發展中國家提供疫苗等。我想強調的是，發展中國家債務問題由來已久，而解決這個問題的關鍵鑰匙還是發展。近年來，廣大發展中國家致力於加快推進經濟社會發展，融資需求很大，但資金不足成為制約其繁榮振興的主要瓶頸。中方作為最大的發展中國家，同這些國家積極開展投融資合作，幫助他們提高自身「造血能力」，助力其經濟社會發展和互聯互通，得到有關國家的高度評價。我們願同國際社會共同努力，為幫助這些國家實現自主可持續發展、剷除債務問題產生的根源作出更大貢獻。
四、中方認為多邊開發銀行等多邊債權人在G20債務議程中應發揮什麼作用？
答：當前，最貧困國家的債務結構中，世界銀行等多邊債權人是最主要債權人。根據世界銀行2021年《國際債務統計報告》，在緩債倡議受惠國公共債務和公共擔保債務總量中，多邊債權人佔比接近一半。鑑此，中方始終呼籲多邊債權人在向符合緩債資格的國家提供淨資金流入的同時，儘快採取合適的減緩債行動，幫助最貧困國家渡過難關。特別是世界銀行作為主要多邊債權方，應積極參與減緩債，探索各種可行方式，為減輕最貧困國家債務負擔提供更多支持。如果世行通過設立多邊減緩債基金方式參與減緩債，中方願積極考慮提供捐款，幫助有關國家減輕債務負擔。
Written Interview with Finance Minister Liu Kun on G20 Debt Agenda
The 15th G20 Leaders』 Summit will be held on November 21-22, 2020. As important deliverables of the G20 Finance Track this year, the Debt Service Suspension Initiative for Poorest Countries (DSSI) and the Common Framework for Debt Treatments beyond the DSSI will be submitted to Leaders. This is the first time in G20’s history that countries have jointly participated in multilateral debt treatments. This receives great attention from the international community. Mr. Liu Kun, Minister of Finance, China, had a written interview with the Chinese and foreign press.
Question 1: As the largest developing country and an emerging creditor, China has been participating in and implementing the DSSI, which draws extensive attention across the international community. Could you brief us on how China has been implementing the DSSI and what results have been produced?
Minister Liu Kun: The sudden attack of COVID-19 has dealt a heavy blow to the global economy, and debt vulnerabilities and debt sustainability in low-income countries become even more prominent. At the Extraordinary G20 Leaders』 Summit on March 26, 2020, leaders stated that they would continue to address risks of debt vulnerability in low-income countries due to the pandemic. On April 15, the G20 Finance Ministers and Central Bank Governors』 Meeting agreed on the DSSI to suspend debt service payments falling due from May 1st, 2020 to the end of the year owed by the poorest countries. The suspension of payments will be NPV-neutral. The initiative is intended to help these countries free up more fiscal space for increasing social, health or economic spending in response to the crisis.
As a G20 member and a creditor, China gives priority to the DSSI’s implementation. Since May this year, President Xi Jinping has made solemn commitments on several international occasions that China would work with other G20 members to implement the DSSI. The Ministry of Finance of China, along with the People’s Bank of China and other agencies concerned, has been coordinating and acting on the DSSI in a proactive and comprehensive manner. Up till now, the China International Development Cooperation Agency and the Export-Import Bank of China, as official bilateral creditors, have implemented all debt suspension requests that are DSSI-eligible. The total debt service payments suspended amount to USD1.353 billion, with 23 countries benefiting from the initiative. The China Development Bank (CDB), as a commercial creditor, has, on a voluntary basis and according to market principles, actively responded to the DSSI. By the end of September, the CDB has signed agreements with DSSI beneficiaries involving USD 748 million. Ranking the first among G20 members in terms of deferral amount, China helps, in real action, the poorest countries respond to the pandemic and address debt vulnerability. This is also an important deliverable that China contributes for the upcoming G20 Leaders』 Summit.
Being professional and responsible, the Chinese official bilateral creditors and commercial creditors have been pressing ahead with the DSSI implementation in an orderly manner by having adequate and thorough consultations with requesting countries to make sure that the countries can truly benefit from the initiative. Meanwhile, China fully respects the independent decisions and legal procedures of requesting countries with a view to preventing adverse impact on requesting countries such as credit rating downgrade.
Question 2: The G20 has agreed to extend the DSSI and endorsed the 『Common Framework for Debt Treatments beyond the DSSI』 which is intended to facilitate debt treatment for DSSI-eligible countries. Could you give us a brief introduction thereon?
Minister Liu Kun: The DSSI is mainly intended to meet the short-term liquidity needs of the poorest countries. However, with the global economy sliding into recession against the backdrop of continued spread of COVID-19, the liquidity difficulties of many poorest countries may evolve into a solvency crisis. The G20 hence proposed the extension and debt treatments beyond the DSSI with a view to providing greater support to the poorest countries by pushing all parties to take stronger actions for debt treatment.
China has been in favor of the proposals:
First, China took the lead in calling for and supporting the extension of the DSSI. At the Extraordinary China-Africa Summit on Solidarity against the COVID-19 held on June 17th, President Xi Jinping stated that, 『China will work with other members of the G20 to implement the DSSI, and, on that basis, urge the G20 to extend debt service suspension still further for countries concerned, including those in Africa』. This demonstrates China’s sense of responsibility as a major country and its commitment to the international fight against the pandemic. The statement by President Xi plays an important role in leading all parties towards a consensus on the DSSI extension. On October 14th, G20 Finance Ministers and Central Bank Governors unanimously agreed to extend the DSSI to June 30th, 2021, and said that they would examine by the time of the 2021 IMF/WBG Spring Meetings whether the economic and financial situation requires to extend further the DSSI by another 6 months.
Second, China participated in the discussions on debt treatments beyond the DSSI in a constructive way, and endorsed the Common Framework. To help address the real difficulties of poorest countries and support the global fight against the pandemic, and in line with the principles of 『joint actions, fair burden sharing, a case-by-case approach and multilateral consensus』 for multilateral debt treatment, China worked with other parties to finalize a relatively balanced and operable solution to debt treatments beyond the DSSI. The Common Framework highlights the need for strong creditors' coordination and requires that all official bilateral creditors with claims on a debtor country will participate in the debt treatment of that country. According to the Common Framework, in principle, debt treatments will not be conducted in the form of debt write-off or cancellation; debt treatments by private creditors should be at least as favorable as that provided by official bilateral creditors; and multilateral development banks will develop options for how best to help meet longer term financing needs of developing countries, including by drawing on past experiences to deal with debt vulnerabilities such as domestic adjustment, net positive financial flows and debt relief, while protecting their ratings and low cost of funding. On November 13th, the Extraordinary Meeting of G20 Finance Ministers and Central Bank Governors endorsed the Common Framework.
As a party to the DSSI and the Common Framework, China participates in a multilateral debt coordination process for the first time. China’s participation points to the country’s commitment to multilateral cooperation. The international community commends China’s constructive attitude toward international debt actions while recognizing the Common Framework as an important part in international debt coordination and governance. As a milestone achievement on the G20 finance track this year, the Common Framework also showcases G20’s commitment to multilateralism and its spirit of solidarity and cooperation in jointly responding to the challenges of the pandemic. The Common Framework also demonstrates countries』 firm resolve to advance multilateral debt coordination and help low-income countries address risks of debt vulnerability.
Question 3: What will China do as the next steps to implement the DSSI and participate in debt treatments beyond the DSSI?
Minister Liu Kun: China will stay in close communication and coordination with other parties within G20 over the issue of debt vulnerabilities in the poorest countries, and we will continue to participate, in an active manner, in the multilateral debt coordination process .
First, we will act on the DSSI extension in real earnest by taking into account the requests of relevant countries. Second, we will work together with other multilateral and bilateral creditors for debt treatment on a case-by-case basis. Greater support will be given to countries that are hardest hit by the pandemic and are under heavy stress. Third, we will continue to encourage the CDB and other Chinese commercial creditors to participate in the DSSI on comparable terms. Fourth, we will assist poorest countries in combining their efforts to address debt challenges with their efforts to restore economic and social development with the aim of helping them get out of the woods at an early date and go back onto the path of growth.
Furthermore, China will provide assistance to developing countries for their efforts in fighting against the pandemic and achieve economic and social recovery and development to the best of our ability through bilateral and multilateral channels, including providing USD 2 billion of international assistance over two years. We will prioritize providing in various ways developing countries with vaccine against COVID-19 when it becomes available. I would like to emphasize that the debt issue of developing countries has been long-standing. The key to solving this issue is development. In recent years, the vast majority of developing countries have been committed to accelerating economic and social development, and there is a great demand for financing. However, financing shortage remains a major constraint on development and prosperity in these countries. As the largest developing country, China has actively engaged in investment and financing cooperation with these countries to help them improve their 『self-development capacity』 and facilitate their economic and social development as well as connectivity. China’s efforts have been well received. We are ready to work with other parties and make greater contributions in helping these countries realize independent and sustainable development, and eradicate the root causes of the debt issue.
Question 4: What role should multilateral creditors, including MDBs, play for the G20 debt agenda?
Minister Liu Kun: Multilateral creditors like the World Bank have the lion’s share of debt service payments owed by the poorest countries. According to World Bank’s International Debt Statistics 2021, multilateral creditors account for almost half of DSSI-eligible countries』 total public and publicly guaranteed debt. In view of this, China calls on multilateral creditors to, while providing positive net inflows to DSSI- eligible countries, take part in the debt treatment process in order to help the poorest countries through this challenging time. In particular, the World Bank, as a major multilateral creditor, should take part in debt treatments and explore various options to provide more support to the poorest countries in alleviating their debt burden. If the World Bank takes part in debt treatment through setting up a multilateral debt relief facility, China will positively consider contributing to the facility as such to help ease the debt burden on the poorest countries.