#OpinionArticle
The Enigma of the World Bank
(15 Nov) The World Bank announced that due to allegations that its loan programs have been misused by China to suppress the human rights of #Uyghurs in Xinjiang, they axe loans to China by half to avoid public criticism. They said that it is too remotely distant to verify and so far there is "no" substantial evidence to support the allegations.
The World Bank is an absurd organization. It has over 12,000 loan programs globally. China is the biggest debtor, followed by India, but at the same time, China is the biggest coins scattering country in her One Belt One Road initiatives.
If Li Ka-Shing [real estate tycoon] were to donate $50 billion on the mainland, and his foundation donates close to $100 billion in China, Hong Kong and all over the world, then Li Ka-Shing shouldn't be asking Sun Hung Kai [another real estate conglomerate] for a $30 million loan to fund 3 months worth of catering for his staff at CK Asset Holdings.
Why does it happen? Common sense tells us that something dodgy must be going on.
Many of the international, multinational finance organizations led by Wall Street elites bear the humanitarian aid flag to breed a brood that crisscrosses first-class flights — it could be Geneva today and Singapore tomorrow, following up an inspection trip to New Guinea the day after tomorrow with a stopover in Shanghai to enjoy gourmet food, call a video conference, then return to the US headquarters, prepare a report, mark a signature, and release tens of millions of US dollars.
In an organization like this, who exactly is the boss? Every item of expenditure in a private enterprise, for example, if it is under bosses Li Ka Shing or Sir Run Run Shaw, would have been clearly justified and accounted for. However in a so-called international organization headed by some quoin assignment board of directors who hire another group of humanitarian elites facing many authoritarian leaders in the world putting out a hand for money. The process can be undoubtedly extremely interesting.
Ever since the Clinton era, the US and Europe have been littering with many of such intra-governmental clumsy ballooning organizations. MBA graduates of prestigious universities in the West join Wall Street while those who study sociology enter these intra-governmental organizations. They are fellows of the closed kin blue blood circle of the elites. Whenever they speak, they cite to throw out sets of textbook theories to dwarf people but in practice, it only needs a wink with each other for getting everyone rich.
The World Bank stated that they had been to #Xinjiang for inspection but "couldn't" find evidence. When Nixon first visited China, he claimed that the Chinese citizens he met from Beijing to Shanghai were all living ‘happily’. The Chinese tourists he saw on the Great Wall were each carrying a transistor radio on their hands.
Are these academic elites really dumb or they treat everyone in the world as idiots?
Excerpt: Apple Daily
https://hk.lifestyle.appledaily.com/lifestyle/columnist/陶傑/daily/article/20191115/20806363/
#ChipTsao #Finance #WorldBank #HumanRights #OneRoadOneBelt
The Enigma of the World Bank
(15 Nov) The World Bank announced that due to allegations that its loan programs have been misused by China to suppress the human rights of #Uyghurs in Xinjiang, they axe loans to China by half to avoid public criticism. They said that it is too remotely distant to verify and so far there is "no" substantial evidence to support the allegations.
The World Bank is an absurd organization. It has over 12,000 loan programs globally. China is the biggest debtor, followed by India, but at the same time, China is the biggest coins scattering country in her One Belt One Road initiatives.
If Li Ka-Shing [real estate tycoon] were to donate $50 billion on the mainland, and his foundation donates close to $100 billion in China, Hong Kong and all over the world, then Li Ka-Shing shouldn't be asking Sun Hung Kai [another real estate conglomerate] for a $30 million loan to fund 3 months worth of catering for his staff at CK Asset Holdings.
Why does it happen? Common sense tells us that something dodgy must be going on.
Many of the international, multinational finance organizations led by Wall Street elites bear the humanitarian aid flag to breed a brood that crisscrosses first-class flights — it could be Geneva today and Singapore tomorrow, following up an inspection trip to New Guinea the day after tomorrow with a stopover in Shanghai to enjoy gourmet food, call a video conference, then return to the US headquarters, prepare a report, mark a signature, and release tens of millions of US dollars.
In an organization like this, who exactly is the boss? Every item of expenditure in a private enterprise, for example, if it is under bosses Li Ka Shing or Sir Run Run Shaw, would have been clearly justified and accounted for. However in a so-called international organization headed by some quoin assignment board of directors who hire another group of humanitarian elites facing many authoritarian leaders in the world putting out a hand for money. The process can be undoubtedly extremely interesting.
Ever since the Clinton era, the US and Europe have been littering with many of such intra-governmental clumsy ballooning organizations. MBA graduates of prestigious universities in the West join Wall Street while those who study sociology enter these intra-governmental organizations. They are fellows of the closed kin blue blood circle of the elites. Whenever they speak, they cite to throw out sets of textbook theories to dwarf people but in practice, it only needs a wink with each other for getting everyone rich.
The World Bank stated that they had been to #Xinjiang for inspection but "couldn't" find evidence. When Nixon first visited China, he claimed that the Chinese citizens he met from Beijing to Shanghai were all living ‘happily’. The Chinese tourists he saw on the Great Wall were each carrying a transistor radio on their hands.
Are these academic elites really dumb or they treat everyone in the world as idiots?
Excerpt: Apple Daily
https://hk.lifestyle.appledaily.com/lifestyle/columnist/陶傑/daily/article/20191115/20806363/
#ChipTsao #Finance #WorldBank #HumanRights #OneRoadOneBelt
China ends poverty with help of towering debt and big handouts
China has declared an end to poverty, but that victory came with snowballing debts in the nation's poorest counties that were used to finance handouts and subsidies, raising doubts about the sustainability of the government's campaign.
Aggressive measures to eradicate poverty include relocating entire farming communities from poor, mountainous areas and disbursing monetary assistance. Also, some municipalities have also been buying agricultural products from poor areas at far above market prices in order to lift incomes.
China set the poverty line too low. The World Bank considers anyone who lives on less than $1.90 a day to be extremely poor. This translates to $693.50 a year -- about $80 above the Chinese threshold.
Source: Nikkei Asia #Dec18
https://asia.nikkei.com/Economy/China-ends-poverty-with-help-of-towering-debt-and-big-handouts
#ChinaPoverty #China #WorldBank
China has declared an end to poverty, but that victory came with snowballing debts in the nation's poorest counties that were used to finance handouts and subsidies, raising doubts about the sustainability of the government's campaign.
Aggressive measures to eradicate poverty include relocating entire farming communities from poor, mountainous areas and disbursing monetary assistance. Also, some municipalities have also been buying agricultural products from poor areas at far above market prices in order to lift incomes.
China set the poverty line too low. The World Bank considers anyone who lives on less than $1.90 a day to be extremely poor. This translates to $693.50 a year -- about $80 above the Chinese threshold.
Source: Nikkei Asia #Dec18
https://asia.nikkei.com/Economy/China-ends-poverty-with-help-of-towering-debt-and-big-handouts
#ChinaPoverty #China #WorldBank
#IMF chief called out over pressure to favor China while at #WorldBank
//World Bank leaders, including then-Chief Executive #KristalinaGeorgieva, applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report, according to an independent investigation released Thursday.
The report, prepared by law firm #WilmerHale at the request of the bank's ethics committee, raises concerns about China's influence at the World Bank, and the judgment of Georgieva - now managing director of the International Monetary Fund - and then-World Bank President #JimYongKim.
...the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.//
Read more:
https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/
Source: Reuters #Sept16
//World Bank leaders, including then-Chief Executive #KristalinaGeorgieva, applied "undue pressure" on staff to boost China's ranking in the bank's "Doing Business 2018" report, according to an independent investigation released Thursday.
The report, prepared by law firm #WilmerHale at the request of the bank's ethics committee, raises concerns about China's influence at the World Bank, and the judgment of Georgieva - now managing director of the International Monetary Fund - and then-World Bank President #JimYongKim.
...the internal reports raised ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff, management reported the allegations to the Bank’s appropriate internal accountability mechanisms.//
Read more:
https://www.reuters.com/business/sustainable-business/world-bank-kills-business-climate-report-after-ethics-probe-cites-undue-pressure-2021-09-16/
Source: Reuters #Sept16
Independent Investigation: World Bank’s Seniors Put Pressure on Staff to Improve China's Business Environment Ranking for a Good Impression
An independent investigation stated that former and current seniors of the World Bank put pressure on employees, asking them to improve the ranking of China in “Doing Business 2018” by the Bank of the World. World Bank then made a statement to announce the suspension on publishing “Doing Business 2018”. The seniors include former President, who is also the Korean American Medical Professor, Jim Yong Kim, and current International Monetary Fund President, Kristalina Georgieva.
Chinese Foreign Ministry Spokesperson Zhao Lijian stated that the Chinese government attached importance to optimising the business environment with an excellent result. They also hope the World Bank will conduct a comprehensive investigation under internal review procedures on relevant issues based on facts, rules, professionalism and objectivity. As a result, they can maintain the professionalism and credibility of the Global Business Environment Report and the reputation of the World Bank and member states.
Source: Stand News #Sep17
https://bit.ly/3lrB71i
#WorldBank #China #BusinessEnvironment #EthicalIssues #Credibility #Professionalism #ZhaoLijian #ForeignMinistry #DoingBusiness2018
An independent investigation stated that former and current seniors of the World Bank put pressure on employees, asking them to improve the ranking of China in “Doing Business 2018” by the Bank of the World. World Bank then made a statement to announce the suspension on publishing “Doing Business 2018”. The seniors include former President, who is also the Korean American Medical Professor, Jim Yong Kim, and current International Monetary Fund President, Kristalina Georgieva.
Chinese Foreign Ministry Spokesperson Zhao Lijian stated that the Chinese government attached importance to optimising the business environment with an excellent result. They also hope the World Bank will conduct a comprehensive investigation under internal review procedures on relevant issues based on facts, rules, professionalism and objectivity. As a result, they can maintain the professionalism and credibility of the Global Business Environment Report and the reputation of the World Bank and member states.
Source: Stand News #Sep17
https://bit.ly/3lrB71i
#WorldBank #China #BusinessEnvironment #EthicalIssues #Credibility #Professionalism #ZhaoLijian #ForeignMinistry #DoingBusiness2018
立場新聞 Stand News
獨立調查：為討好中國 世銀高層施壓修改營商環境排名計分法 | 立場報道 | 立場新聞
【18/09/2021 01:50 新增中國外交部回應】一獨立調查指，世界銀行前任及現任高層曾向職員施壓，要求...
World Bank was accused of funding Xinjiang suppression movement
According to #SCMP, a report from #AtlanticCouncil, an American think tank, points out that the clients of International Finance Company (#IFC) which is under #WorldBank, are active participants of #Xinjiang suppression with significant evidence.
China was accused of Xinjiang forcing labour, forcing them to leave their land, eradicating their culture, damaging their environment in this movement.
The researchers call the World Bank to leave the Xinjiang region, claiming that the nearly $500 direct loans and the investment to the Xinjiang companies violate the World Bank's "development finance" criteria.
A #Belgian MP said, "the World Bank is not to fund modern slavery but to support the world development. There is no excuse. We have to force the companies which relate to abusive forcing labour to leave the market."
SCMP reports that the Belgian was sanctioned by China due to launching a debate on the Xinjiang #AllegedGenocide in the Belgian parliament.
Source: RFI #Feb17
https://bit.ly/3pVCvuW
According to #SCMP, a report from #AtlanticCouncil, an American think tank, points out that the clients of International Finance Company (#IFC) which is under #WorldBank, are active participants of #Xinjiang suppression with significant evidence.
China was accused of Xinjiang forcing labour, forcing them to leave their land, eradicating their culture, damaging their environment in this movement.
The researchers call the World Bank to leave the Xinjiang region, claiming that the nearly $500 direct loans and the investment to the Xinjiang companies violate the World Bank's "development finance" criteria.
A #Belgian MP said, "the World Bank is not to fund modern slavery but to support the world development. There is no excuse. We have to force the companies which relate to abusive forcing labour to leave the market."
SCMP reports that the Belgian was sanctioned by China due to launching a debate on the Xinjiang #AllegedGenocide in the Belgian parliament.
Source: RFI #Feb17
https://bit.ly/3pVCvuW
RFI - 法國國際廣播電台
世界銀行被指"資助新疆鎮壓運動"
世界銀行被一份報告指控資助在新疆參與針對維吾爾族和其他穆斯林少數民族的"鎮壓運動"的公司。世行被要求從新疆撤資。