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Waters Opening Statement at Subcommittee Hearing on China’s Lending Practices

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following opening statement at a Subcommittee on National Security, International Development and Monetary Policy virtual hearing entitled, “Examining Belt and Road: The Lending Practices of the People’s Republic of China and Impact on the International Debt Architecture.” 

Thank you so very much, Chair Himes. I am so pleased about your leadership on this issue and your bipartisan efforts. 

Today we will discuss how can we prevent a pandemic-induced series of sovereign debt crises and how we can bring international norms and principles to China and its investments around the world. Last Congress I had the benefit of learning about China’s Belt and Road Initiative directly from our military leadership in the United States Africa Command, when I traveled to Germany. The conclusion I drew was that addressing these challenges can only be accomplished with U.S. leadership, through coordinated and thoughtful multilateral action. So, I am pleased that we finally have that leadership in the White House with President Joe Biden and I hope this hearing is informative to not just the public but to his administration as well. Thank you so very much.

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