As the world grapples with a supply crisis exacerbated by the conflict in Iran and the closure of the Strait of Hormuz, Beijing is being called out for its role in destabilizing global markets.
David Malpass, who served as World Bank president from 2019 to 2023 and as Treasury Under Secretary under President Donald Trump, has demanded that China cease its aggressive stockpiling of food and fertilizer.
China, which has halted fertilizer exports since March to prioritize its own domestic interests, currently holds the world's largest reserves of these vital commodities.
Malpass also dismantled the tired narrative that China is a 'developing nation,' noting that as the world's second-largest economy, Beijing’s continued use of that status within the WTO and World Bank is a transparent charade.
Regarding the ongoing crisis in the Strait of Hormuz, Malpass emphasized that China must stop hiding behind its economic pretenses and help secure the free movement of ships, as the disruption of these waterways directly threatens their own trade interests.
While the American economy shows resilience through robust job data, Malpass warned that ordinary Americans should prepare for further price increases as global instability continues to drive inflation.
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