China should stop hoarding food and fertiliser, says former World Bank chief

Former World Bank President David Malpass has urged China to stop hoarding food and fertiliser amid a global supply crisis. Speaking ahead of the Trump-Xi summit in Beijing, Malpass highlighted China’s large stockpiles of these essential commodities and called on the country to ease restrictions to help stabilize global markets. His remarks come as many nations face fertiliser shortages ahead of spring planting, exacerbated by disruptions in shipments through the Strait of Hormuz. China has imposed export restrictions on several types of fertiliser since March, following a series of measures introduced since 2021, to safeguard its domestic supply. The country accounts for about 25% of global fertiliser production and exported over $13 billion worth last year. Malpass criticized China’s continued classification as a developing country in international organizations such as the World Trade Organization and the World Bank, arguing that its status as the world’s second-largest economy no longer justifies this designation. In response, a spokesperson for the Chinese embassy in Washington emphasized China’s commitment to global food and fertiliser market stability, rejecting accusations that China is responsible for supply chain disruptions. The spokesperson reaffirmed China’s status as the largest developing country, describing it as a legitimate and universally recognized designation based on factual evidence. Malpass also commented on geopolitical tensions surrounding the Strait of Hormuz, calling for international unity behind the United States to resolve the ongoing crisis. He stressed the importance of free navigation through the strait for global trade and highlighted China’s economic interest in maintaining open waterways, given its significant role in global shipping and trade. Malpass expressed hope that China would contribute to resolving the deadlock, warning that any control of the strait by Iran would be detrimental to China’s economic interests.