Topic: World Bank

China's new push to open state controlled industries may look bold after a decade of stuttering privatization progress, but Beijing faces stiff resistance from vested interests in its effort to extend its World Trade Organisation dividend.

China stocks may trade lower on Thursday, weighed down by uncertainties about the global economy and China's own fiscal policy response.

The World Bank cut its economic growth forecast for China this year to 8.2 percent on Wednesday and urged the country to rely on easier fiscal policy that boosts consumption rather than state investment to lift activity.

The world has "hopefully" gotten through the worst in terms of what some analysts have called "currency wars," according to Chad P. Bown, senior economist at the World Bank's Development Research Group, Trade and International Integration.

Leading world economies on Friday pledged $430 billion in new funding for the International Monetary Fund, more than doubling its lending power in a bid to protect the global economy from the euro-zone debt crisis.

The World Bank said Monday that Dartmouth College President Jim Yong Kim will become its next president.

Nigeria's Ngozi Okonjo-Iweala, one of three candidates for the top job at the World Bank, says creating jobs is the most important challenge facing the organization's member countries, and that requires investments in a number of sectors such as infrastructure and agriculture.

Robert Zoellick, the outgoing president of the World Bank, has backed the creation of a Brics bank, saying the need for such an institution highlights the dangers of existing multilateral organisations failing to mobilise sufficient resources to support large developing countries.

The BRICS group of emerging market nations will look at ways of pressuring the West to redress global economic imbalances amid growing frustration at the pace of change in institutions such as the IMF at a meeting in Delhi on Thursday.

Jim Yong Kim, the US nominee to head the World Bank, is coming under fire over a book he co-authored that criticises “neoliberalism” and “corporate-led economic growth”, arguing that in many cases they had made the middle classes and the poor in developing countries worse off.