Secretary of the Treasury, Janet Yellen, says she is willing to work with China on global debt

US Treasury Secretary Janet Yellen said Sunday that she is willing to work with China on issues of mutual interest such as debt restructuring in emerging economies, among other global challenges.

Yellen's willingness, who is in India to participate in the G20 Central Bank and Finance Ministers' Meeting, comes a week after the trip from the Treasury Secretary to Beijing to meet with Chinese economic leadership.

“There's a lot more work to be done, but I think this trip was an important start. I am eager to build on the foundation we established in Beijing to mobilize more action,” the secretary said today at a press conference in the Indian city of Gandhinagar, where the third meeting of the G20 finance chiefs will begin tomorrow, under the India's presidency.

The United States has been putting great pressure on China to participate along with the rest of the creditor countries and financial institutions in the restructuring of the debt of several developing and crisis economies such as Sri Lanka or Zambia.

“Last week's visit served as a step forward in putting our relationship on a more secure footing and establishing a resilient and productive channel of communication,” he said, referring to his trip to Beijing.

As in the past two G20 Finance meetings, the United States says it will prioritize pressing official bilateral creditors, including China, to seek meaningful debt treatments for struggling emerging countries.

“This week I will continue to press for the full and timely participation of all official bilateral creditors in pending debt restructuring cases,” he remarked today.

Members of the G20 and organizations such as the World Bank and the International Monetary Fund (IMF) are trying to undertake reforms that allow them to provide the necessary assistance.