Former World Bank president David Malpass on Tuesday urged China to stop hoarding food and fertiliser, saying the country should help ease a global supply crunch tied to the war in Iran. He made the remarks in an interview with the BBC's World Business Report ahead of a Beijing summit between Donald Trump and Xi Jinping. [1, 2, 3]
Malpass said China has the world's biggest stockpile of food and fertiliser and can stop adding to it. He said Beijing has already halted exports of several fertilisers since March, citing the need to protect domestic supply, and has steadily imposed a series of export limits since 2021. [1, 2, 3]
He also attacked China's claim that it is still a developing country, calling the argument unconvincing. China's embassy in Washington said Beijing is committed to keeping global food and fertiliser markets stable and blamed supply chain disruptions on causes that cannot be laid at China's door. [1, 2, 3]
Malpass said the international community should unite behind the United States to push for a ceasefire in Iran. He also said he wants China to help break the deadlock in the Strait of Hormuz, adding that free passage for ships fits China's economic interests. He compared the blockade risk to a state armed with plutonium, saying it cannot be allowed. [1, 2, 3]
China accounted for about 25% of global fertiliser output last year and exported more than $13bn worth of fertiliser, according to the report. Malpass, who led the World Bank from 2019 to 2023 and served as a top US Treasury official from 2017 to 2019, also said he expects many consumer prices in the United States to rise but sees resilience in the economy because of strong job data. [1, 2, 3]
