Senior officials from the US Treasury have raised the alarm that multilateral institutions such as the World Bank are at risk of being undone by subversive and predatory behaviour from Beijing, the Financial Times reports.
Top Treasury official on international affairs David Malpass said at a congressional hearing that China has made “substantial inroads” into the multilateral development banks (MDBs) that are shifting decisions in favour of its geopolitical ambitions.
Malpass referenced Chinese funding of a World Bank report due next year that would “help promote and shape” Beijing’s massive foreign development project – the Belt and Road Initiative.
Another Treasury spokesperson said that MDBs ought to be “judicious in choosing national initiatives with commercial and strategic underpinnings” and be wary of China’s investment practices.
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