Washington — US Treasury Secretary Scott Bessent has called on the International Monetary Fund (IMF) and the World Bank to take a firmer approach toward China’s state-driven economic practices, urging both institutions to focus their efforts on transparency and fairness in global economic governance.
In a statement delivered to the IMF’s steering committee, Mr Bessent said the Fund must strengthen its country-level surveillance work with “objectivity and even-handedness,” while ensuring that major economies are held accountable for policies that distort global trade and financial stability.
He further argued that the World Bank should end its financial support for China, redirecting resources toward countries facing greater development needs.
“The IMF should not shy away from asking difficult questions,” Mr Bessent wrote. “It must more clearly highlight internal and external imbalances, deepen its understanding of how industrial policies in large economies such as China contribute to those imbalances, explain their potential harmful spillovers, and recommend appropriate corrective actions.”
Mr Bessent’s remarks reflect growing concern in Washington over Beijing’s use of state subsidies and industrial policies that critics say undermine market competition and tilt global trade dynamics. His comments come as the IMF and World Bank hold their annual meetings, where discussions on global growth, debt vulnerabilities, and reform of multilateral institutions are expected to dominate the agenda.
