BEIJING – China is on the cusp of becoming a high-income country by the World Bank’s classification. But Beijing would rather not be grouped with the world’s wealthy nations.

As the U.S. and China battle for influence, Beijing has presented itself as a champion of Global South nations in Latin America, Africa and Asia. And it benefits from its current status in international groups as »developing,« including by not having to contribute to some global funds to fight climate change.