World Bank confirms plan to phase out China lending by 2031
The World Bank on Thursday confirmed that it plans to phase out its lending to China by 2031, according to the organization’s new country partnership framework (CPF) for the world’s second-largest economy.
The World Bank’s new five-year plan agreed with China focuses on delivering economic growth while also providing better jobs, social resilience and a low-carbon economy.
In his first term in office, US President Donald Trump demanded that the World Bank stop lending to China entirely, as he adopted a more aggressive approach to Washington’s chief economic rival.
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