Biden World Bank pick’s Chinese business ties raise vetting questions

President Joe Biden‘s Nominee to lead The World Bank was vice chair of TikTok’s Chinese parent company. This potential appointment came as lawmakers push to ban the Beijing video app.

Questions about Ajay Banga’s nomination have been raised by some. White HouseThis is the time that bipartisan backlash against China’s potential military and economic ambitions increases.

General Atlantic was the company in which Banga served as vice-chairman. General Atlantic, TikTok’s parent company and Beijing-based ByteDance are some of the most prominent investments. They have been at the forefront in regulating financial ties between China and the United States.

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William Ford, Chairman and CEO of the investment firm, led it to success. “key driver” As it sought to avoid a Trump Administration ban in 2020, the deal was reached to take over TikTok’s U.S operations. According To the Wall Street Journal.

General Atlantic opposed efforts to reduce U.S. investments in China. The United States has invested approximately $7 billion in China in the last decade. Ford Addressed There is a possibility that regulation can be done directly with Gina Raimondo (Commerce Secretary). New York Times reported. Ford, a ByteDance board Member, has advised TikTok “lobbying strategy” To Counter the focus on its connections with the Chinese government.

TikTok has been growing in recent months. Keep it a secret Washington-based consulting firm that is connected to Biden was founded by top White House adviser Anita Dunn, PoliticoThe latest sign of the troubled social media company’s uncertain future was reported by Daniel Lippman.

As TikTok’s congressional hearing on March 23rd nears, Backlash against ByteDance will likely increase.

It’s not TikTok. General Atlantic has investments in more than 20 Chinese companies according to its website. This includes firms that work in finance, technology and biotechnology.

Banga serves as an advisor to General Atlantic’s climate fund, BeyondNetZero. Banga also sits in the board of Temasek Holdings which is Singapore’s $298 million state investment fund. Tallies China’s exposure at 22%

According to reports, he was the president and CEO at Mastercard in 2020. Earning $27.7 millions as the company Access sought China’s $27 Trillion payments market. Mastercard Recognized The influential central bank of China in the same year.

Biden’s nomination of a World Bank chief who has close ties with China, amid a growing divide between Washington and Beijing should be cause for concern, according to Jeff Hauser, a liberal Revolving Door Project member.

“At a time when the Biden administration is moving to focus economic policy and international diplomacy on restraining China, it’s surprising that his pick to run the organization that exists at the absolute center of international economics and diplomacy is himself substantially and directly tied to China’s economy,” Hauser.

Biden’s budget Published ThursdayThe president stressed the importance of this. “to out-compete China” “strengthen partner economies and support their efforts in pushing back against predatory efforts,” Other priorities.

China has criticized the move by his administration to pass new legislation to increase U.S. semiconductor manufacturing.

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