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China Still Needs Loans From World Bank, Expert Says

Yukon Huang, the World Bank's former country director for China, said China's provincial-level and local governments need World Bank loans even though China is a wealthy country because structural impediments prevent domestic banks from providing sufficient credit to finance public projects. (File Photo)
Yukon Huang, the World Bank's former country director for China, said China's provincial-level and local governments need World Bank loans even though China is a wealthy country because structural impediments prevent domestic banks from providing sufficient credit to finance public projects. (File Photo)

(Beijing) — The World Bank’s former country director for China has defended the organization’s lending to Chinese governments.

Yukon Huang, who now serves as a senior fellow at the Carnegie Asia Program, made the remarks after reports said the U.S. has rejected a capital increase plan for the multilateral lender because of dissatisfaction with its loans to wealthier countries, including China.

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