U.S. Treasury diplomat nominee aims to curb China’s lending influence

The candidate for the top position in economic diplomacy at the U.S. Treasury stated on Tuesday that he wants to reduce

China's growing influence in global financing by working with international financial organisations and development banks to provide countries with borrowing options.

Joe Biden, the president, has chosen Jay Shambaugh to be the undersecretary of the Treasury for foreign affairs.

The critical Treasury position has been open since the Biden administration took office in January 2021, and if approved

the George Washington University professor and former Obama administration economic counsellor will fill it.

The president's candidate for undersecretary of the Treasury for foreign affairs is Jay Shambaugh.

Shambaugh asserted during a confirmation hearing before the Senate Finance Committee that the U.S. model, which is based on the rule of law, transparency, and markets, competes with China's state-driven economy.