WASHINGTON— China, the second largest economy in the world has been exploiting the World Bank by receiving low-cost loans meant for poor nations, and it is time to stop this practice, say a group of prominent China critics in U.S. Congress. The Chinese economy has grown rapidly over the past four decades ,yet the World…
GOP Senators Propose Curbs on Low-Rate World Bank Loans to Beijing
WASHINGTON— China, the world’s second-largest economy, has been exploiting the World Bank by receiving low-cost loans meant for poor nations, and it’s time to stop this practice, a group of prominent China critics in the U.S. Congress say. The Chinese economy has grown rapidly over the past four decades, yet the World Bank still considers…
World’s Poorest Nations Face ‘COVID-19 Debt Trap’
April 7, 2021
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WASHINGTON—The world averted a systemic debt crisis amid the pandemic. However, the poorest developing countries continue to face significant debt problems, raising global worries over multiplying debt traps by creditors like China. Addressing the rising risk of a systemic debt crisis in developing countries is one of the key themes at this week’s virtual spring meeting of…
China’s ‘Victory’ Against Poverty Draws Skepticism
The Chinese communist regime has made much fanfare of its apparent success in lifting tens of millions of rural residents out of poverty. But leaked internal documents obtained by The Epoch Times show that Beijing’s strategy is reliant in part on directing state-owned and private enterprises to buy a range of goods from China’s poorest…
World Bank Sees Global Output up 4 Percent in 2021, Flags Downside Risks
WASHINGTON—The global economy is expected to expand 4 percent in 2021 after shrinking 4.3 percent in 2020, the World Bank said on Tuesday, although it warned that rising COVID-19 infections and delays in vaccine distribution could limit the recovery to just 1.6 percent this year. The World Bank’s semi-annual forecast showed the collapse in activity…
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