CHINA-ECONOMY: WORLD BANK REPORT
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Denying accusations on July 3, 2015, that the World Bank had bowed to Chinese pressure and censored itself by removing a contentious chapter from its Report on China's economy, the World Bank quietly removed a chapter from its website that delineated “reform priorities in China’s financial sector”.The original chapter, published on July 1, 2015, had warned that “the poor performance of the financial system” had confirmed previous assessments that the system was “unbalanced, repressed, costly to maintain and potentially unstable”. It also highlighted “risks stemming from wasteful investment, over-indebtedness and a weakly regulated shadow-banking system”. Bert Hofman, the World Bank’s country director for China, said on July 3, 2015, that the bank had held discussions about the chapter in question in recent days and “What came out did not meet our usual standards of discourse with our member governments.” Hofman claimed: “It was our decision.”
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