China originally joined the World Bank Group (WBG) on December 27, 1945.[1] However, after the Chinese Civil War, the World Bank recognized the Republic of China as its member, until the relationship ended in 1980, when the membership was replaced by the People's Republic of China.[2] The People's Republic of China (PRC) did not become involved with the World Bank group until 1980, when it first joined the World Bank in April due to the market reforms known as reform and opening-up.[3] Prior to the economic reform and its relation with the World Bank, according to CRS, "China maintained policies that kept the economy very poor, stagnant, centrally controlled, vastly inefficient, and relatively isolated from the global economy".[4] Since its entry into the World Bank, China has transformed into a market-based economy and has experienced rapid economic and social development.[3] Currently, although China has become the world's second largest economy with 1.4 billion population, it still has a close relationship with the World Bank in areas such as poverty, environmental protection and new challenges from the reform.[3]
- ^ "Member Countries". World Bank. Retrieved 2019-12-10.
- ^ "China and the World Bank - Bretton Woods Project". Bretton Woods Project. 2011-09-14. Retrieved 2017-06-06.
- ^ a b c "Overview". World Bank. Retrieved 2019-12-10.
- ^ Wayne M, Morrison (June 2019). "China's Economic Rise: History, Trends, Challenges, and Implications for the United States" (PDF). Congressional Research Service.
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