World Bank is criticized on loans to China – William McQuillen

From the International Herald Tribune:

Critics of the World Bank are training their fire on the institution’s loans to China, a capital-rich country on a buying spree for U.S. bonds and companies, saying the money should go to needy nations.

The World Bank, whose mission is to fight poverty in developing nations, lends to China about $1 billion, or 4.5 percent of its annual budget. Part of the interest payments from the billions of dollars it has loaned China then goes to support borrowing by poorer countries.