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This study examines the education programs of the World Bank (WB) and the Asian Development Bank (ADB) in China. These two actors are the two major international monetary institutions providing funds and loans to countries for general development and promoting education multilateralism in Asia, and both have financed more than thirty educational initiatives or programs in China, extending from the 1980s to the present (ADB = 36, WB = 40).
Through a structured, focused comparison between the monetary programs by the WB and the ADB in the field of education (including, theme, scale, length, region, and actors of these programs), this article aims to study the evolving influence of the international organizations' (IOs) monetary programs in China over the past four decades. Adopting a ‘rationalist-constructivist’ approach, and inspired by the ‘three central dynamics model’, the finding indicates that the WB's and the ADB’s education programs may be divided into three key periods; from the 1980s to 2000, from 2000 to 2010, and from 2010 to present; with each period being distinguishable by its focus on distinct themes and regions. Through an analysis of 90+ IO documents (project reports, evaluation reports, evolving national strategy, etc.), and 20+ of China's national and regional policy documents, I argue that the rationale behind the shifts of focus and change of coloration model may be explained by the evolving relationship between China and the IOs. China has transformed from a low-income and borrowing country to a middle-income country, having graduated from the International Development Association in 1999 and thereafter transitioning into a powerful member country. In 2010, China became the third largest shareholder of the WB and obtained 4.42% voting power; and it has also since become the third largest shareholder of the ADB. In both IOs, China only fell behind the US and Japan in voting power and is the largest borrowing government. In addition, although the two IOs follow similar guidelines and have cooperated in various international development initiatives, the preliminary finding also suggests that ADB, as a regional development bank, has been working more closely with China's national education policy. Hence, the study concludes that the focus and influence of the IOs’ monetary programs in China have evolved over time in response to the changing relationship between China and the IOs.