BEIJING (CNT) — China’s foreign minister spoke with his Ukrainian counterpart on Thursday amid Beijing’s efforts to broker peace in the year-long conflict with Russia. The rare phone call came as Chinese President Xi Jinping prepares to visit Russia from March 20-22, in an apparent show of support for Russian President Vladimir Putin.
Despite China declaring a “no-limits” friendship with Russia last year, Beijing has maintained a neutral stance on Moscow’s aggression in the conflict. China’s refusal to condemn Russia’s actions has been met with skepticism in the West.
In domestic news, China announced a major plan to revamp state institutions, tightening the grip of the Communist Party led by President Xi on governance organizations.
Meanwhile, China’s revenue from land sales continued to slump, resulting in a 78.4 billion yuan deficit in January and February 2023. The deficit comes after a surplus in 2022, and the revenue from the sale of land fell 29% year-over-year to 563 billion yuan.
In the United States, Treasury Secretary Janet Yellen stated that China would be among the first in line to get paid under a Republican proposal to prioritize some U.S. debt obligations over others.
The United States’ debt ceiling has been a topic of political debate in recent years. In March 2023, Treasury Secretary Janet Yellen stated that China would be among the first in line to receive payment under a Republican proposal to prioritize U.S. debt obligations over others.
China is the largest foreign holder of U.S. debt, owning more than $1 trillion in U.S. Treasury bonds. When the debt ceiling is reached, the U.S. government cannot borrow more money to pay for its obligations.
The proposal to prioritize some U.S. debt obligations over others is a controversial solution to the ongoing debate over the debt ceiling. It would allow the U.S. government to prioritize payments on its debt, ensuring that the country does not default on its loans. However, it could also lead to uncertainty and market volatility.
China’s stocks rebounded on Friday, following gains in global markets after U.S. banks rescued another regional lender.