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Tue, 12 May 2026

Tue, 12 May 2026 China should stop hoarding food and fertiliser, says former World Bank chief

David Malpass also said that Beijing's claim to be a developing nation is no longer credible.
Former World Bank President David Malpass has urged China to stop stockpiling food and fertilizers, which are in short supply due to the Iran war, saying it can help ease a global crisis. Malpass stated that China holds the world's largest stockpile of foodstuffs and fertilizers and should refrain from building more reserves. China's halt on exporting certain types of fertilizers since March has disrupted shipments worldwide, particularly for spring planting. The country accounted for 25% of global fertilizer output last year, with exports worth over $13 billion. Malpass also questioned China's claim to be a developing nation, saying it is no longer credible given its status as the second-largest economy in the world. He suggested that China could suspend this designation if it chooses to do so. The Chinese embassy responded by stating that China prioritizes maintaining global food and fertilizer market stability and cannot be blamed for disruptions caused by other factors. They also defended their developing country status, saying it is based on factual evidence and a legitimate right of the nation. On the Iran ceasefire, Malpass called for international unity in supporting a resolution to the conflict, which has led to the closure of the Strait of Hormuz. He noted that China's economic interests are tied to open waterways worldwide and would be significantly impacted if Iran gained control of the strait. Malpass also predicted that US inflation rates will continue to rise, but expressed confidence in the resilience of the US economy due to robust job data.