The World Bank will phase out its lending to China by 2031 under its new Country Partnership Framework, marking a significant shift in its relationship with the world’s second-largest economy.
A source familiar with the matter confirmed the development on Tuesday, corroborating an earlier report by the Financial Times.
According to a World Bank official who spoke on condition of anonymity, the decision reflects China’s economic progress over the past several decades.
“China has made significant development advances over the past several decades — progress that the World Bank and others have supported,” the official said.
“Now we are reaching a new phase of our relationship, reflecting that reality.”
