China and Argentina Facing Global Debt Post-Covid-19: Divergent Strategies within the DSSI and the Common Framework

Abstract

This article examines the responses of China and Argentina to the debt crisis exacerbated by the Covid-19 pandemic and the implementation of the DSSI and the Common Framework. China, as the leading emerging official creditor, employed a strategy of moderate confrontation, seeking to balance its cooperation with multilateral organizations and its criticism of Western leadership. In contrast, Argentina, facing a debt restructuring, used these platforms to advocate for more equitable conditions for middle-income countries and to ease fiscal constraints. The study explores how these different strategies reflect each country’s aspirations on the global financial stage, highlighting that despite sharing G20 membership and belonging to the Global South, their approaches to debt management show significant divergences driven by their respective contexts and resources.