Faster reform for economies urged
Print Edition
CHINA’S Minister of Finance Lou Jiwei yesterday called for speeding up structural reforms to enhance the flexibility and resilience of the economy.
Speaking at the 49th Annual Meeting of the Board of Governors of Asian Development Bank in Frankfurt, Lou said the world economy still faces severe challenges and countries should speed up their structural reforms to enhance the flexibility and resilience of their economies and foster sustainable growth by means of innovation.
As an important institution of multilateral development, ADB should adapt itself to changes in a proactive way and work out a more forward-looking development strategy that includes cooperation between high and middle-income countries, Lou said.
He maintained that ADB should develop innovative policies, improve the quality of its projects, improve its governance structure, raise institutional strength, and comprehensively expand its partnership with existing multilateral development aid agencies and new institutions, including the Asian Infrastructure Investment Bank and the BRICS Development Bank.
He also suggested ADB strengthen its partnership with private institutions through the public-private partnerships.
This year marks the 50th year of the setting up of ADB and the 30th anniversary of China’s cooperation with ADB.
Lou said China will support ADB as always and deepen its all-round cooperation with ADB. Lou disclosed that China will donate US$100 million to the 11th replenishment of the Asian Development Fund to help low-income members of ADB in reducing poverty.
ADB on Monday signed a memorandum of understanding with AIIB to boost cooperation for sustainable growth.
Under the agreement, AIIB and ADB will boost cooperation, including co-financing, at the strategic and technical levels on the basis of complementarity, value-added, institutional strengths and comparative advantages, and mutual benefits.
AIIB and ADB are already discussing projects for co-financing in the road and water sectors.
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