'Stop building your stockpiles': Ex-World Bank head to China
What's the story
Former World Bank president David Malpass has urged China to stop stockpiling food and fertilizer amid a global supply crisis. Speaking on BBC's World Business Report, Malpass said, "They have the biggest world stockpile of foodstuffs and of fertilizer," and "They can stop building their stockpiles." His remarks came ahead of a summit between President Donald Trump and Chinese President Xi Jinping in Beijing.
Supply crisis
Global fertilizer crisis
The call comes as countries scramble for fertilizer supplies, with the Strait of Hormuz's closure disrupting shipments. Yara CEO Svein Tore Holsether warned this could cost up to 10 billion meals a week globally. China has stopped exporting several types of fertilizer since March to protect domestic supplies, adding to restrictions from 2021. Last year, China produced around 25% of global fertilizer output and exported over $13 billion worth.
Economic status
Malpass questions China's developing nation status
Malpass also questioned China's status as a developing nation, calling it "no longer credible." He said, "They present themselves as a developing country when they're the second biggest economy in the world and in many ways rich." Liu Pengyu from the Chinese embassy in Washington DC defended this status, saying it is based on factual evidence and is China's legitimate right.
Ceasefire call
Hope China helps resolve Iran ceasefire issue
On the Iran ceasefire, which Trump called being on "massive life support," Malpass urged global support for the US. He said, "You can't have a rogue state with plutonium, and you can't block the Strait of Hormuz." He expressed hope that China would help resolve this issue, as it is economically beneficial for them.