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U.S. Opposes World Bank Plan to Lend to China, Mnuchin Says

  • World Bank to continue lending to China under Malpass
  • China has received more than $1 billion a year from bank
Steven Mnuchin
Steven MnuchinPhotographer: Andrew Harrer/Bloomberg

Treasury Secretary Steven Mnuchin said Thursday that the Trump administration opposes the World Bank’s latest plan for low-interest loans to China, which has received more than $1 billion a year from the lender.

The World Bank is expected to soon release its latest Country Partnership Framework document for China, which lays out its lending plans to the world’s second-largest economy. Under questioning by lawmakers, Mnuchin told the House Financial Services Committee on Thursday that China should be removed from the World Bank’s loan program.