Flush With Cash, China Continues to Borrow Billions From The World Bank
From an economic standpoint, China does not need World Bank loans. So why is it still a top borrower?
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During the Cold War, communist China shunned the capitalist World Bank. But once China embraced the institution in 1980, it quickly became one of the bank's largest borrowers of all time — having taken out loans totaling more than $60 billion over the past four decades.
Today China is sitting on cash reserves of some $3 trillion. It is the world's second-largest economy, behind the U.S. It directly lends more money to other nations each year than the $2 billion or so it borrows from the World Bank annually.
So some
