耶倫稱國際貨幣基金組織和世界銀行是制衡中國的重要力量

Recently Yahoo News on-line reported the following:

Yellen Says IMF, World Bank Are Important Counterweights to China

Christopher Condon

Tue, June 13, 2023 at 1:18 a.m. PDT

(Bloomberg) -- Treasury Secretary Janet Yellen on Tuesday will cast international financial institutions as American-aligned counterweights to China’s growing influence in the developing world, as she seeks to garner congressional support for US financial backing of those lenders.

In the face of what’s likely to be Republican skepticism when she testifies on Capitol Hill, Yellen will laud institutions like the International Monetary Fund and the World Bank that “reflect American values.”

“Our leadership at these institutions is one of our core ways of engaging with emerging markets and developing countries,” she said in the text of testimony she’s scheduled to deliver at 10 a.m. before the House Financial Services Committee. “The IFIs provide real resources to tackle the challenges the world faces — from weathering economic storms to spurring long-term economic development.”

The aid, she added, “serves as an important counterweight to nontransparent, unsustainable lending from others, like China.”

The Treasury chief’s remarks showcase the battle lines between the world’s two largest economies as they vie for influence in the developing world. China has become the largest official lender to many of the poorer nations across the globe.

Asked about Yellen’s forthcoming remarks, Chinese Foreign Ministry spokesman Wang Wenbin said the IMF and World Bank should reflect the interests of “all member states.”

“The IMF and World Bank are multilateral financial institutions, they are platforms reflecting greater democracy in international relations, and they are platforms for international cooperation,” he told reporters at a regular press briefing in Beijing on Tuesday. “They are not called the IMF or the World Bank of the United States.”

Republican Concerns

But her praise for the IFIs set up in the aftermath of World War II is likely to be countered by Republicans, who now control committees in the House. Some GOP members have criticized the World Bank and IMF for straying outside their mandates to spur economic growth in developing countries.

Yellen has championed a plan to expand the World Bank’s scope. Beyond country-by-country projects, she wants all the multilateral development banks to back cross-border efforts that address broad threats like climate change and pandemics.

The Treasury chief could also draw questions about the Biden administration’s economic policies with respect to China. Yellen and other administration officials have outlined an approach that seeks to limit China’s access to sensitive technologies out of national security concerns, while also limiting US dependence on China for critical goods and materials.

Outbound Investment

The House committee’s chair, North Carolina Republican Patrick McHenry, is expected to quiz Yellen on a planned executive order that would restrict certain US investments in China.

McHenry wrote a letter to Yellen in May questioning whether the order would be effective in preventing China from developing sensitive technologies.

--With assistance from Colum Murphy.

Translation

（彭博社）- 美國財政部耶倫週二將把國際金融機構視為與美國結盟的制衡力量，以制衡中國在發展中國家日益增長的影響力，她尋求獲得國會支持美國對這些貸款機構的財政支持。

當耶倫在國會山作證時，可能面對是共和黨人的懷疑，耶倫將讚揚國際貨幣基金組織和世界銀行等 “反映美國價值觀” 的機構。

她在定於上午 10 點向眾議院金融服務委員會提交的證詞中說道: “我們在這些機構的領導力,是我們與新興市場和發展中國家打交道的核心方式之一” 。 “國際金融機構提供了真正的資源來應對世界面臨的挑戰 - 從抵禦經濟風暴到刺激長期經濟發展。”

她補充說，這些援助 “是對中國等其他國家不透明、不可持續貸款的重要制衡。”

財政部長的言論展示了世界最大的兩個經濟體在爭奪發展中國家影響力時的戰線。 中國已成為全球許多較貧窮國家的最大官方貸款國。

當被問及耶倫即將發表的言論時，中國外交部發言人汪文斌表示，國際貨幣基金組織和世界銀行應反映 “所有成員國” 的利益。

他週二在北京舉行的例行新聞發布會上對記者表示: “國際貨幣基金組織和世界銀行是多邊金融機構，是體現國際關係民主化的平台，是國際合作的平台” 。 “他們不是叫做美國的國際貨幣基金組織或美國的世界銀行。”

共和黨的擔憂

但她對二戰後成立的國際金融機構的讚揚可能會遭到共和黨人的反駁，共和黨人現在控制著眾議院的委員會。 一些共和黨成員批評世界銀行和國際貨幣基金組織偏離了刺激發展中國家經濟增長的職責。

耶倫推介擴大世界銀行業務範圍的計劃。 除了個別國家項目外，她還希望所有多邊開發銀行支持跨境努力以應對氣候變化和流行病等廣泛威脅。

財政部長還可能對拜登政府的對華經濟政策提出質疑。 耶倫和其他政府官員概述了一種處理方法，旨在出於國家安全考慮限制中國獲取敏感技術，同時限制美國在關鍵商品和材料方面對中國的依賴。

對外投資

眾議院委員會主席、北卡羅來納州共和黨人Patrick McHenry預計將就一項限制美國在華某些投資的計劃行政命令向耶倫進行質詢。

McHenry五月寫信給耶倫，質疑該命令是否能有效阻止中國開發敏感技術。

So, Yellen will cast international financial institutions as American-aligned counterweights to China’s growing influence in the developing world. I do not see any opportunity for a slow down in competition, if not tension, between China and the US in the coming years.