London — A critical issue policymakers need to address urgently is the amount of debt plaguing the UK, US and global economy, and the impact the growing status of China as creditor to both the West and the developing world will have on that.

The IMF and World Bank have urged economies to access financial markets to borrow during the pandemic. IMF MD Kristalina Georgieva has said: “Only one thing matters — to be able to dare.” But the debt picture is precarious...

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