• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Monday, February 6, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

China’s World Bank Ranking Scam has two big messages for the world

Akshay Narang by Akshay Narang
September 17, 2021
in China
Reading Time: 4 mins read
0
world bank rankings china list
1k
VIEWS
Share on FacebookShare on Twitter

China has been manipulating its ‘Ease of Doing Business’ rankings by using its stooges in institutions like the World Bank and International Monetary Fund. Now, the cat has slipped out of the bag. The World Bank said on Thursday, September 16, that it ended its Ease of Doing Business (EODB) report after major irregularities were found in it. The report, prepared by law firm WilmerHale at the request of the World Bank’s ethics committee, raises concerns about China’s influence at the World Bank. The WilmerHale report cited “direct and indirect pressure” from senior staff of then-World Bank President Jim Yong Kim’s office to change the report’s methodology to boost China’s score, and said it likely occurred at his direction.

Originally, China’s score stood at 64.5 and it ranked 85 in the Ease of Doing Business list. Thereafter, out of nowhere, China ended up securing a rank of 78 in the 2018 Ease of Doing Business list with a score of 65.3. This happened after China put pressure on the World Bank’s leadership to pump up the red rogue country’s score and rankings. The WilmerHale report found that the World Bank’s then-Chief Executive Kristalina Georgieva and a key adviser, Simeon Djankov, had pressured staff to “make specific changes to China’s data points” and boost its ranking at a time when the bank was seeking China’s support for a big capital increase. Georgieva served as chief executive officer of the World Bank prior to moving to head the IMF.

Also Read

Biden creates a Copper crisis across the world?

Latin American trade bloc with Russia and China can be a game-changer

This has not been the first time that international financial institutions such as the World Bank or the International Monetary Fund (IMF) have been questioned on their credibility in regards to their dealings with China. It indeed, however, is the first time that the World Bank has been found guilty of favouring China in exchange for financial favours from Beijing. The recent expose has laid bare two glaring facts before the world.

China has Co-Opted International Bodies like the World Bank and IMF

The authoritarian government in China has been sending false and compromised data to the World Bank in order to paint a rosy picture for itself, and manipulate the Ease of Doing Business rankings so as to attract a large number of investors to the mainland. However, that it took so long for the World Bank to realise the same shows just how heavily the CCP has penetrated international organisations and bodies.

The increasing Chinese presence in the IMF and World Bank over the past decade has led Beijing to fool the World Bank in regards to the ‘Ease of doing business’ rankings. Beijing with its false data has conned the world bank and has painted a flourishing image of China’s economy to provide the people’s Republic of China worth billions of dollars of aid.

Read more: World Bank accepts its folly, downgrades China in the Ease of Doing Business Rankings after severe backlash

China also exercises tremendous influence over the World Health Organisation (WHO), which has led to Beijing being given a long rope by the premier health body. China has avoided official condemnation for playing a role in the spread of the novel Coronavirus, largely due to its influence over the WHO.

China Forced to Manipulate Data to Prevent the World from Knowing its Economic Reality

Volatility is always greater in dictatorships because you never know what a market-illiterate dictator like Xi Jinping at the helm of affairs would do next. This is exactly what is hurting China. There is simply too much volatility in the Chinese stock market. Every time the Chinese President uses his regulatory authorities to crack down on entrepreneurs like Alibaba founder Jack Ma or instigates an absolute carnage against a particular sector, the investors and stock traders get rattled and escape with their money.

This ends up having catastrophic consequences for the Chinese economy, which has already been battered by the Covid-19 pandemic and a global disruption in the supply chains. Inflows into China through the stock connect scheme, which links Hong Kong with Chinese mainland stock exchanges and makes up around 70% of the foreign portfolio flows has slumped in June and July.

The CCP has, since November last year, initiated an all-pervasive crackdown, beginning with the Tech sector and most recently, targeting the country’s super-rich – who are now committing billions towards Xi Jinping’s “common prosperity” goals. What the Chinese president has created is an inhumane Chinese regime that oppresses ordinary Chinese citizens, businesses, celebrities and billionaires. Owing to the rise of authoritarianism in China, investors are fleeing, capital is evaporating and industries are finding it increasingly difficult to conduct business.

China’s economic numbers are a farce. The last thing which anybody should trust is Chinese statistics. So, China is forced to fudge its economic numbers, with the help of institutions like the World Bank and IMF.

It is now contingent upon the free and democratic world order to straighten out all international bodies which have been compromised by Chinese largesse. Chinese influence needs to be specifically targeted and weeded out of all international organisations.

Tags: ChinaChinese EconomyExhaustive ReadsWorld BankXi Jinping
ShareTweetSend
Previous Post

After Japan, Australia arms itself to the teeth to save Taiwan from a possible Chinese invasion

Next Post

#MeToo comes to haunt Chinese Communist Party

Also Read

Mongolia’s biggest shock to China is here

Mongolia’s biggest shock to China is here

February 5, 2023
EU Xinjiang

EU’s malicious encashment of forced labour is a revelation of its true evil face

February 4, 2023
China Children

China comes up with a bizarre idea to overcome demographic challenges

February 1, 2023
Czech Republic Taiwan

Taiwan friends a new ally in the Balkans

February 1, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
US Ukraine

Russia unearths USA’s empire of terror in Ukraine

February 4, 2023
World Economic Forum

“Sex, sleaze, and drugs” is what WEF is all about

January 18, 2023
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
Ukraine weapons

3 nations spoil Biden’s plan to fuel Ukraine war with South American ammunition

January 31, 2023
Jordan B Peterson

The proposed demise of World Economic Forum! Courtesy- Jordan B. Peterson

February 2, 2023
Biden creates a Copper crisis across the world?

Biden creates a Copper crisis across the world?

February 5, 2023
Trudeau sponsored Green Fear-Mongering to justify Canada’s demographic crisis

Trudeau sponsored Green Fear-Mongering to justify Canada’s demographic crisis

February 5, 2023
The Caribbean NATO could be a reality now!

The Caribbean NATO could be a reality now!

February 5, 2023
Proving Their Mettle: St.Kitts and Nevis Takes on Money-Laundering

Proving Their Mettle: St.Kitts and Nevis Takes on Money-Laundering

February 5, 2023
Seeds of hatred have germinated between Trinidad and Tobago and Venezuela

Seeds of hatred have germinated between Trinidad and Tobago and Venezuela

February 5, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.