Ex-World Bank chief warns on China stockpiles

David Malpass, former president of the World Bank, has urged China to end what he describes as hoarding of food and fertiliser, arguing that the practice is intensifying strains in global supply. In a recent interview, he said China should stop accumulating these key commodities to help ease pressures on international markets.

Malpass stated that the current supply crunch is linked to the ongoing conflict in Iran and warned that policy choices by major holders of agricultural inputs can influence how severe the disruption becomes for other countries.

According to Malpass, China holds the largest stockpiles of food and fertiliser in the world. He argued that, because of this position, China has the capacity to halt further stockpiling and thereby contribute to stabilising global supply conditions.

Malpass also highlighted that China has suspended fertiliser exports since March 2026 in an effort to protect its domestic supplies. He said this export halt is having significant implications for international supply chains, particularly for countries that rely on imported fertiliser.

The timing of the suspension is especially sensitive, Malpass noted, as many agricultural producers are preparing for spring planting and need secure access to fertiliser to maintain crop output.

Malpass linked China’s stockpiling and export suspension to broader stress in global food and fertiliser markets. He suggested that reduced availability of Chinese fertiliser on world markets is contributing to a wider supply crisis at a moment when the Iran war is already disrupting trade.

He argued that easing restrictions on fertiliser exports and slowing the pace of stockpiling could help alleviate some of the shortages faced by other countries, though he framed this as China’s decision to make in balancing domestic security with global needs.

Malpass’s remarks come ahead of a planned summit between U.S. President Donald Trump and Chinese President Xi Jinping, where trade and security issues are expected to dominate discussions. His comments add another point of tension related to how major economies manage critical commodity supplies during conflict.

By calling attention to China’s role as the largest holder of food and fertiliser stocks, Malpass placed the country at the centre of debates over responsibility for easing the current supply crisis while broader geopolitical frictions remain unresolved.