학술논문
发展中国家债务困境与一带一路债务争端解决制度构建
Debt Dilemma in Developing Countries and Constructing the Debt Dispute Settlement Institution of the Belt and Road
Debt Dilemma in Developing Countries and Constructing the Debt Dispute Settlement Institution of the Belt and Road
Document Type
Article
Author
Source
중국사회과학논총, 5(1), pp.223-245 Feb, 2023
Subject
Language
중국어
ISSN
2671-4035
Abstract
新冠肺炎疫情爆发后，发展中国家次生债务困境受到国际社会的广泛关注；但现有全球债务治理架构难以充分应对，亟待改革。关于当前全球债务治理困境的解释主要有“市场债权人问题说”和“债务透明度问题说”。前者认为，后疫情时期的全球债务治理困境根植于南北债务关系现有治理框架与实际结构的不匹配，特别是难以解决市场债权人持有发展中国家主权债券违约的后续处理问题；后者则认为，中国债务数据和条款不透明阻碍了市场债权人等参与国际减债协调，是新冠及其次生专业类问题政治化的重要表现。且目前出现了炒作后者以掩盖前者的国际舆论倾向，甚至具象在中国“一带一路”建设在后疫情时期项目和资金的可持续问题上。本文在分析上述现象基础上，就解决后疫情时期的全球债务治理困境与构建“一带一路”债务争端解决机制，从宏观、中观和微观三个层面提出应对策略。
Developing countries’ debt dilemma related to the COVID-19 pandemic has triggered heated discussion of global debt governance reform in China. Under the context, China and the West coordinated and launched the Debt Service Suspension Initiative (DSSI) on the G20 platform. The DSSI, which was regarded as a structural breakthrough between the traditional and emerging sovereign creditors, however, has been repeatedly blocked during its implementation. There are two main explanations for it, ‘private creditors dilemma’ and ‘debt transparency obstacle’ respectively. The former argues that the dilemma of global debt governance in the post-epidemic era is rooted in the mismatch between the existing governance framework and the actual structure of the global North-South debt relationship, and it is especially difficult to solve the problem related to private creditors holding sovereign bonds of developing countries. The latter argues China’s booming overseas lending lack transparence, which blocks private creditors from participating in international coordination of debt relief. Based on the above analysis, this paper proposes solutions from the macro, meso, and micro levels on how to resolve the global debt governance dilemma and build the Belt and Road debt dispute resolution mechanism in the post-epidemic era.
Developing countries’ debt dilemma related to the COVID-19 pandemic has triggered heated discussion of global debt governance reform in China. Under the context, China and the West coordinated and launched the Debt Service Suspension Initiative (DSSI) on the G20 platform. The DSSI, which was regarded as a structural breakthrough between the traditional and emerging sovereign creditors, however, has been repeatedly blocked during its implementation. There are two main explanations for it, ‘private creditors dilemma’ and ‘debt transparency obstacle’ respectively. The former argues that the dilemma of global debt governance in the post-epidemic era is rooted in the mismatch between the existing governance framework and the actual structure of the global North-South debt relationship, and it is especially difficult to solve the problem related to private creditors holding sovereign bonds of developing countries. The latter argues China’s booming overseas lending lack transparence, which blocks private creditors from participating in international coordination of debt relief. Based on the above analysis, this paper proposes solutions from the macro, meso, and micro levels on how to resolve the global debt governance dilemma and build the Belt and Road debt dispute resolution mechanism in the post-epidemic era.