WASHINGTON— China, the second largest economy in the world has been exploiting the World Bank by receiving low-cost loans meant for poor nations, and it is time to stop this practice, say a group of prominent China critics in U.S. Congress. The Chinese economy has grown rapidly over the past four decades ,yet the World Bank still considers China a developing nation and despite U.S. objections sends it development aid. To cut Beijing’s access to low-rate debt financing, Sens. Chuck Grassley (R-Iowa), Marco Rubio (R-Fla.), Tom Cotton (R-Ark.), Ted Cruz (R-Texas), and Rick Scott (R-Fla.) reintroduced on April 30 the World Bank Integrity Preservation Act of 2021. “China has been lending development money outside its borders to extend its influence for years while taking in U.S. taxpayer dollars via World Bank loans,” Grassley said in a statement. The bill would “provide a short-term and longer-term means to take away the …