Fungible Assistance The World Bank and (largely Japanese-funded) Asian Development Bank continue to provide development assistance to China that is generally focused on low-carbon urban transport plus education and elderly aid. The former gave $2.47 billion in concessional loans to China in 2017. The United Nations Development Program (UNDP) separately chips in for poverty relief there. This aid frees up money in Beijing for its own kind of international well-wishing with the net result being that China’s development assistance has declined from a positive $3.5 billion in 1995 to a negative $791 million in 2016 – meaning its overseas development assistance now exceeds the aid it receives. However, this begs the question of why...