World Bank: China behind world debt rise
11:00 - 12/04/2019
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"The world's countries have a lot of debt, and China is the main reason," said David Malpas, the new head of the World Bank, who was an adviser to the Trump campaign.
"We have to work with Beijing on China's rapid spread in some parts of the world, leaving a lot of debt. China has provided trillions of dollars to other countries, including the United States and even the United States," Malpas told CNBC. China's holdings of US bonds reached about $ 1.12 trillion, according to official data.
The president of the World Bank has previously criticized China's lending efforts in the "Belt and Road" initiative, noting that these loans leave poor countries excessive debt.
China wants to reduce lending efforts, Malpas said, noting that Beijing wants to have a better relationship with other countries and part of the world order.
Malpas criticized China's borrowing of billions of dollars from the World Bank, despite being the second largest economy in the world, and exceeded the limit for low-cost loans in 2016.
He noted that World Bank loans to China are on the decline, adding that he expects this to continue over the next three years