China's backing for global debt transparency crucial to contain Covid-induced stress in emerging markets | South China Morning Post

Bringing China on board is "critical" to promoting transparency in sovereign lending, according to a report by the Bretton Woods Committee, amid a rise in sovereign debt distress in emerging markets caused by the Covid-19 pandemic. The influential US-based non-profit group recommended in a report on Monday that a global consensus be developed around "minimum voluntary disclosure requirements" and ongoing reporting obligations for all sovereign lending. "As part of that consensus-building process, bringing in China, the largest lender to the emerging markets and a member of the G20, to ensure its support and engagement," said the report titled "Debt Transparency:…