Scott Bessent Says It's 'Absurd' To Treat China Like A Developing Nation As U.S. Seeks Trade Deal

In remarks to the Institute of International Finance, Treasury Secretary. Scott Bessent called out China being treated as a developing nation.

Transcript

00:00of its sector-led growth. Going forward, the bank must set firm graduation timelines for

00:08countries that have long since met the graduation criteria. Treating China, the second largest

00:15country in the world, as a developing country is absurd. While it has been at the expense of

00:21many Western markets, China's rise has been rapid and impressive. If China wants to play a role in

00:29the global economy commensurate with its actual importance, then the country needs to graduate

00:35up. We welcome that. The World Bank should also implement transparent procurement policies based

00:44on best value. It must help countries move away from procurement approaches that prioritize only

00:51the lowest-cost bids. Such procurement policies reward distortive and subsidized industrial

00:58policies that undermine development. They may also stifle the private sector and incentivize

01:06corruption and collusion and result in greater long-term cost. Procurement policies based on

01:13best value are better from both an efficiency and development perspective, and their robust

01:20implementation will benefit the bank and its shareholders. Related to this ...

01:25You