The Trump administration has refused to support a World Bank loan programme for China worth more than $1bn per year, the latest sign of how the economic rivalry between Washington and Beijing has spilled over into multilateral institutions.
Steven Mnuchin, the US Treasury secretary, said that Washington had “objected” to the financial support for China through its representative on the World Bank’s board, where the five-year funding plan was discussed on Thursday.
The programme, known as the Country Partnership Framework, is designed to help Beijing fund green investments, encourage market-oriented reforms and promote early childhood development and healthcare initiatives.
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