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The partnership between China and the World Bank began on December 27, 1945, when it joined the organization. After the Communist victory in 1949 in the Chinese Civil War, the Chinese Communist Party proclaimed the People's Republic of China (PRC) on the mainland while the Republic of China (ROC) government retreated to the island of Taiwan, formerly a Japanese colony it acquired in 1945 after ...
Before Malpass became president, his son Robert had joined the International Finance Corporation (IFC), a branch of the World Bank Group that lends money to private sector businesses and whose USD 5.5 billion funding from a USD 13 billion World Bank capital increase was secured by the US Treasury at the time that David Malpass was the Treasury ...
The Republic of China's first president, Sun Yat-sen, chose Zhōnghuá Mínguó (中華民國; 'Chinese People's State') as the country's official Chinese name.The name was derived from the language of the Tongmenghui's 1905 party manifesto, which proclaimed that the four goals of the Chinese revolution were "to expel the Manchu rulers, revive China (), establish a people's state (mínguó ...
The government they established there, the "Republic of China", continued to claim authority as the government of the Chinese nation almost four decades after the founding of the People's Republic. Although China's goal of unifying Taiwan with the mainland remained unchanged, the previous, more militant Chinese policy of "liberating Taiwan" was ...
China became the world's largest trading nation in 2013 by the sum of imports and exports, as well as the world's largest commodity importer, accounting for roughly 45% of maritime's dry-bulk market. [326] [327] China's foreign exchange reserves reached US$3.246 trillion as of March 2024, making its reserves by far the world's largest. [328]
The 1970s saw many switches in diplomatic recognition from the Republic of China to the People's Republic of China. After World War II, the Republic of China had been one of the founding members in the United Nations and held China's seat on the Security Council until 1971, when it was expelled by General Assembly Resolution 2758 and replaced ...
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[1]: 37 In 1950, the Bank of China became a bureau of the People's Bank of China. [1]: 37 Pursuant to regulations issued in 1953, only the Bank of China could handle foreign currency and international transactions. [1]: 37 Another of the CCP's early steps was to nationalize enterprises that the defeated Nationalists had controlled.