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October 6, 2009

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China calls for World Bank to be innovative

CHINESE Finance Minister Xie Xuren says the World Bank should always be innovative in providing developing countries flexible and user-oriented services.

"We hope the bank would provide more flexible, diverse and facilitative lending support through innovative products and services," Xie said yesterday during the 80th meeting of the International Monetary Fund and World Bank's Development Committee in Istanbul.

Boards of governors of the World Bank and the IMF held the meeting ahead of the annual meetings of the two organizations, with enhancing the voice and participation of developing countries in the 186-nation World Bank high on its agenda.

In his speech, the Chinese finance minister expressed his hope that the World Bank could take stock of the development experiences in the past decades, particularly lessons from the financial crisis, and provide tailored policy advice for developing countries at different development stages.

"Sustainable financial capacity is fundamental to the World Bank's ability to fulfill its due role in promoting poverty reduction and development," Xie said.

China supports the World Bank in its efforts to enhance capital adequacy to increase its support for developing countries and help them better respond to the financial crisis with a view to achieving sustainable development, he said.

The finance minister also said the World Bank should adhere to and strengthen its core mandate of poverty reduction and development, and provide more financial resources for developing countries' medium and long-term development.

While the world is seeing more and more signs of recovery, many developing countries are facing even more daunting challenges on poverty reduction and structure adjustment.

Xie said the World Bank was a key factor in helping developing countries respond to the crisis, promote global economic recovery and ensure sustainable development.


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