China ends poverty with help of towering debt and big handouts

China has declared an end to poverty, but that victory came with snowballing debts in the nation's poorest counties that were used to finance handouts and subsidies, raising doubts about the sustainability of the government's campaign.

Aggressive measures to eradicate poverty include relocating entire farming communities from poor, mountainous areas and disbursing monetary assistance. Also, some municipalities have also been buying agricultural products from poor areas at far above market prices in order to lift incomes.

China set the poverty line too low. The World Bank considers anyone who lives on less than $1.90 a day to be extremely poor. This translates to $693.50 a year -- about $80 above the Chinese threshold.

Source: Nikkei Asia #Dec18

https://asia.nikkei.com/Economy/China-ends-poverty-with-help-of-towering-debt-and-big-handouts

#ChinaPoverty #China #WorldBank

#IMF chief called out over pressure to favor China while at #WorldBank

//World Bank leaders, including then-Chief Executive #KristalinaGeorgieva, applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report, according to an independent investigation released Thursday.

The report, prepared by law firm #WilmerHale at the request of the bank's ethics committee, raises concerns about China's influence at the World Bank, and the judgment of Georgieva - now managing director of the International Monetary Fund - and then-World Bank President #JimYongKim.

...the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.//

Read more:
https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/

Source: Reuters #Sept16

Independent Investigation: World Bank’s Seniors Put Pressure on Staff to Improve China's Business Environment Ranking for a Good Impression

An independent investigation stated that former and current seniors of the World Bank put pressure on employees, asking them to improve the ranking of China in “Doing Business 2018” by the Bank of the World. World Bank then made a statement to announce the suspension on publishing “Doing Business 2018”. The seniors include former President, who is also the Korean American Medical Professor, Jim Yong Kim, and current International Monetary Fund President, Kristalina Georgieva.

Chinese Foreign Ministry Spokesperson Zhao Lijian stated that the Chinese government attached importance to optimising the business environment with an excellent result. They also hope the World Bank will conduct a comprehensive investigation under internal review procedures on relevant issues based on facts, rules, professionalism and objectivity. As a result, they can maintain the professionalism and credibility of the Global Business Environment Report and the reputation of the World Bank and member states.

Source: Stand News #Sep17

https://bit.ly/3lrB71i

#WorldBank #China #BusinessEnvironment #EthicalIssues #Credibility #Professionalism #ZhaoLijian #ForeignMinistry #DoingBusiness2018

World Bank was accused of funding Xinjiang suppression movement

According to #SCMP, a report from #AtlanticCouncil, an American think tank, points out that the clients of International Finance Company (#IFC) which is under #WorldBank, are active participants of #Xinjiang suppression with significant evidence.

China was accused of Xinjiang forcing labour, forcing them to leave their land, eradicating their culture, damaging their environment in this movement.

The researchers call the World Bank to leave the Xinjiang region, claiming that the nearly $500 direct loans and the investment to the Xinjiang companies violate the World Bank's "development finance" criteria.

A #Belgian MP said, "the World Bank is not to fund modern slavery but to support the world development. There is no excuse. We have to force the companies which relate to abusive forcing labour to leave the market."

SCMP reports that the Belgian was sanctioned by China due to launching a debate on the Xinjiang #AllegedGenocide in the Belgian parliament.

Source: RFI #Feb17

https://bit.ly/3pVCvuW

The #WorldBank says reducing dependence on China is "probably good for everyone." That’s the organization’s present comments on the issue.

Shipping is grinding to a halt on Chinese highways. Lockdown protocols have left #Truckers trapped in their vehicles, and the backup is now hitting #SupplyChains.

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Is #China becoming the world’s loan shark? The country became the world’s largest creditor in 2017, surpassing the #WorldBank, #IMF, and all Paris Club official creditors combined.

That and much more coming up on NTD Business.

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https://ept.ms/ChinaLoanShark