Excellent explanation:
https://www.youtube.com/watch?v=JdQYpVWtIik
treating China the second largest
country in the world as a developing country is absurd while it has been at the expense of many western markets China's rise has been rapid and impressive if China wants to play a role in the global economy commensurate with its actual importance then the country needs to graduate up we welcome that the World Bank should also implement transparent procurement policies based on best value it must help countries move away from procurement approaches that prioritize only the lowest cost bids such procurement policies reward distortive and subsidized industrial policies that undermine development they may also stifle the private sector and incentivize corruption and collusion and result in greater long-term cost procurement policies based on best value are better from both an efficiency and development perspective and their robust implementation will benefit the bank and related to the subject I wish to send a strong and I emphasize strong message about procurement policies as regards Ukraine no one who financed or supplied the Russian war machine will be eligible for funds earmarked for Ukraine's reconstruction no one to conclude I invite our allies to work with us as we rebalance the international financial system refocus the IMF and World Bank on their founding charters america first means we are doubling down on our engagement with the international economic system including at the IMF and the World Bank a more sustainable economic system will be one that better serves the interests of the United States and all the other participants in the system we look forward to working with all of you in this endeavor thank
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