The World Bank’s Finances: An International S&L Crisis

(October 3, 1994) The World Bank, which is celebrating its 50th anniversary this year, has long enjoyed a sound financial reputation. But its AAA credit rating is not justified. Because of the perverse incentives under which the World Bank operates, the quality of its loan portfolio has diminished significantly, and because the bank is backed by rich-country governments, its irresponsible lending exposes Western taxpayers to a possible World Bank bailout on a scale comparable to the U.S. savings-and-loan bailout. That would leave taxpayers in the industrialized countries on the hook for $100 billion; U.S. citizens would be liable for nearly $30 billion.

Appendix F

(May 31, 1994) A list of specialists whose views on the Three Gorges Project differ from those of the Leading Group for the Assessment of the Three Gorges Project
Approved by the State Council Examination Committee of Experts on May 26, 1993
As reported in the People’s Daily (April 4, 1992)

Appendix E

(May 31, 1994) Some Issues Regarding the Preliminary Design of the Three Gorges Project
Approved by the State Council Examination Committee of Experts on May 26, 1993
As reported in the People’s Daily (April 4, 1992)

Based on the proposal for launching construction in 1993.

Appendix D

(May 31, 1994) The fifth session of the seventh National People’s Congress, having examined the proposal by the State Council on the construction of the Three Gorges Water Control Project, based on the report of examination by the National People’s Congress Committee of Financial and Economic Affairs, herein resolves to approve inclusion of the construction of the Three Gorges project into the Ten Year National Economic and Social Development Program (1991-2000).

Appendix C

(May 31, 1994) A Directory of the Advisors and Experts in Each Experts’ Group for the Assessment of the Three Gorges Project Who Did Not Sign Their Respective Subject Reports, and Who Expressed Dissenting Opinions at the Enlarged Sessions of the Leading Group for the Assessment of the Three Gorges Project

Chapter 30

(May 31, 1994) AFTERWORD TO THE CHINESE EDITION by Dai Qing

The Yangtze River will soon be severed in two. Should it matter to us, the common folks, the journalists, the scholars and veteran cadres long retired from their important posts?