US objections to World Bank’s China lending plan absurd: experts

By Wang Yi Source:Global Times Published: 2019/12/7 17:19:33

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The objections from the Trump administration on the World Bank's annual China lending plan is totally absurd, because it's legitimate and reasonable for China to accept the lending plan, according to experts.

After the World Bank on Thursday adopted a new plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025 over the objection of the US, Trump complained about the lending plan again in a tweet on Saturday.

"Why is the World Bank loaning money to China? Can this be possible...STOP!" Trump tweeted.

US Treasury Secretary Steven Mnuchin on Thursday also said the World Bank should expel China from the supportive loan program, citing that such program is for middle- and low-income nations.

US objections have extended its attempt to contain China to a new area, but it has been slammed as absurd by some Chinese experts.

"It's totally legitimate and reasonable for China, a developing country, to enjoy the lending program. The US objection is absurd," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Saturday.

Trump's government is trying every means to attack China now, China should maintain calm and keep its own pace, Bai said.

The US objection also comes at a delicate time when China and the US are negotiating for an interim agreement in the prolonged trade war while Trump tweets confusing and inconsistent signals.

Trump and his government's objection on the World Bank's loan for China can be seen as an attempt to seek more weight in trade talks with China since he has met the limits of his pressuring tactic.

He is resorting to totally unrelated means now, Bai said.

The US is obviously pressuring China in as many aspects as possible, but it hasn't caused any influence on China's attitude in trade talks, and is not expected to take effects in the future too, said Gao Lingyun, an expert at the Chinese Academy of Social Sciences in Beijing who is close to the trade talks.

Posted in: ECONOMY

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