The China Post
Date: July 6, 2015
BEIJING–The World Bank has removed a sharply critical portion from a recently released report on mainland China’s economy that called for reform of its financial system, saying the section had not been adequately reviewed and that its wording was inappropriate.
On Wednesday, the Washington, D.C.-based institution released its China Economic Update report in Beijing, which included a section urging the country to accelerate reform of its state-dominated financial sector.
In blunt language, the World Bank warned that failure to address the issue could end “three decades of stellar performance” for the world’s second-largest economy.
“Wasteful investment, overindebtedness, and a weakly regulated shadow-banking system,” had to be addressed for mainland China’s broader reform agenda to succeed, it said. [FULL STORY]