Decreasing reliance on China's supply chain would be 'probably good for everyone,' says World Bank chief David Malpass, as Beijing races to climb to the top in global trade rank
Countries around the world are working to diversify their supply chains and reduce their dependence on China, which is "probably good for everyone," World Bank President David Malpass has said.
But, speaking at an event in Warsaw, he said China also needed to be part of a value system shared by other countries in the global trading system, and added, "I don't know that that will happen." But he said the World Bank continues to work well with China, which is a major shareholder and a borrower whose use of the lender's financing is shrinking. The bank is also working closely with China to encourage more transparency in its lending to developing countries, Malpass said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
French bank SocGen becomes first big Western bank to end Russia tiesSociete Generale has announced it is ending its Russian activities, making it the first big Western bank to announce it’s quitting Russia.
Read more »
China bill could ease supply chain issues causing inflation, help US compete in 'dangerous world': KhannaRep. Ro Khanna told Fox News that the China competition bill Congress is working on could address supply chain issues causing inflation.
Read more »
Russian invasion will shrink Ukraine economy by 45% in 2022, World Bank saysUnprecedented financial and export sanctions imposed by Western allies in response to the war, meanwhile, are plunging Russia into a deep recession, lopping off more than a tenth of its economic growth, the World Bank said in a report Sunday.
Read more »
Russian invasion will cut Ukraine's economy nearly in half this year, World Bank saysThe World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure.
Read more »
Ukraine economy to shrink 45% and Russia's 11% in 2022, World Bank says'Catastrophic' war will shrink Ukraine's economy by 45% and Russia's by 11% this year, World Bank predicts
Read more »
Israeli troops fatally shoot two Palestinians, including unarmed woman in occupied West BankThe Israeli army said it fired at the Palestinian woman after she approached a military checkpoint near the West Bank city of Bethlehem and ignored calls to stop and warning shots were fired into the air.
Read more »