“I don’t view China as a rival,” he said. “I have a granddaughter - she’s 18 months old,” Banga said. Banga, 63, said he will do all he can during his term to address the challenges faced by the developing world. The US is the World Bank’s largest source of funds, and every president since its creation after World War II has been American. chief executive undertook a global tour and made China one of eight countries that he visited, among meetings with almost 40 governments. When campaigning for the World Bank job, for which he was unopposed, the former Mastercard Inc. Their aid “serves as an important counterweight to nontransparent, unsustainable lending from others, like China,” she said.īanga took over from David Malpass, who was nominated by former President Donald Trump and had reputation for being a China hawk. His views also contradict a vision spelled out by Treasury Secretary Janet Yellen, who cast the World Bank and International Monetary Fund as American-aligned counterweights to China’s growing influence in the developing world. They’ve also waged a global campaign to dissuade other countries from entering into development and infrastructure projects with China, urging them to partner with the US and its allies instead. I just will not.”īanga’s remarks cut against the mood on Capitol Hill and at the White House, where lawmakers and senior officials have characterized China as the US’s most important strategic competitor. “I’m going to give it my best shot, but I will not get tied up in knots with these rivalries. “How are we going to solve all this stuff?” Banga said in an interview. Ken Griffin Ramps Up Credit Bets, Anticipating US RecessionĪjay Banga, who was nominated by the Biden administration for a five-year term and took the helm of the lender earlier this month, said the problems of climate change and development are too pressing to worry about navigating tensions between the world’s two largest economies. NYC’s Rent Surge Defied by New Grads Pursuing a TikTok Lifestyle Trump Urges Prosecutors to Drop Case, Offers Defense Preview (Bloomberg) - The newly appointed president of the World Bank said he doesn’t view China as a rival for the development lender and pledged to avoid getting dragged into competition between Washington and Beijing.īiggest Losers of AI Boom Are Knowledge Workers, McKinsey SaysĮlizabeth Holmes Objects to $250-a-Month Victim Payments After Prison
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