{"text":[[{"start":7.737,"text":"The World Bank will phase out its lending to China by 2031, according to a plan submitted to the board of the multilateral lender on Tuesday that will end Beijing’s status as a borrower from the Washington-based institution."}],[{"start":21.04,"text":"The proposal, which will be discussed by the World Bank board during the week of July 20, follows years of pressure from the Trump administration and other countries to end lending to China, reflecting its economic rise."}],[{"start":33.897,"text":"According to a summary of the proposal seen by the FT, the global development bank’s lending to Beijing would not exceed $2bn between now and 2031, and would end after that period."}],[{"start":45.491,"text":"“It really marks a new chapter in our relationship with China, whereby the end of this framework period China graduates,” a World Bank official said."}],[{"start":54.088,"text":"“We acknowledge China’s development journey, and therefore its readiness to not . . . any longer rely on financing from a development institution like the World Bank.”"}],[{"start":62.96,"text":"The World Bank’s lending to China had declined in recent years, from $2.4bn per year in 2017 to $750mn in 2025, the official said."}],[{"start":74.48,"text":"A US Treasury spokesperson pressed other development banks to follow the World Bank in curbing their lending to China."}],[{"start":81.935,"text":"“As the second-largest economy in the world, China should not be receiving handouts from multilateral institutions. The World Bank Group ending its lending to China is a step in the right direction, and we look forward to other institutions following suit,” the Treasury said."}],[{"start":96.4,"text":"A senior US official pointed to the Asian Development Bank and the International Fund for Agricultural Development, as well as other UN agencies, as examples of international financial institutions that should follow the World Bank."}],[{"start":109.588,"text":"The World Bank earlier this month agreed to a similar transition for Poland, with a plan to end its development loans to the central European country by 2031."}],[{"start":118.755,"text":"Whereas the plan for Poland included potential carve-outs for financing programmes related to Ukraine and nuclear energy, the Chinese proposal does not have any such exceptions."}],[{"start":129.12,"text":"The senior US official said the language in the China plan was “among the most aggressive in modern history, exceeding even Poland’s recent agreement to end WBG lending”."}],[{"start":139.265,"text":"There has been bipartisan support on Capitol Hill for the World Bank to end its lending to China. The Biden administration had also advocated for such a move."}],[{"start":148.8,"text":"“I’m pleased to see the World Bank take long overdue steps to restore common sense policies,” French Hill, the Republican chair of the House Financial Services Committee, said on Tuesday. “As the world’s largest official creditor, China should not benefit from development financing intended for countries in greater need.”"}],[{"start":168.911,"text":"The Asian Development Bank should quickly follow the World Bank’s decision, he added."}],[{"start":173.872,"text":"The World Bank approved its first loan package to China in June 1981, worth $200mn, for the financing of “the development of higher education in science and engineering to relieve the persistent shortage of trained manpower”. China had joined the institution the previous year."}],[{"start":191.769,"text":"Initially, China received funding through the group’s lending arm for low-income countries, the International Development Association, to which Beijing is now a contributor. By 1999, China moved into the middle-income category."}],[{"start":206.08,"text":"The Chinese embassy in Washington did not respond to a request for comment."}],[{"start":210.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782886674_9721.mp3"}