ADB President stresses role of fiscal policy for high-quality development in China

Saturday, 30/03/2024 11:45
(CPV) - Asian Development Bank (ADB) President Masatsugu Asakawa stressed the need for proactive fiscal policy to achieve high-quality development in the People’s Republic of China (PRC) in his address at the China Development Forum (CDF) in Beijing at the end of March.

“To ensure adequate fiscal resources for sustainable, high-quality development, we need to recalibrate policy to focus on building climate resilience and improving the quality of people’s lives," Mr. Asakawa said at the CDF. “I am encouraged by the progress the PRC has made in its development. Its commitment to take this success forward through high-quality development is commendable. I look forward to working with all our partners to make this happen.” 

ADB President Masatsugu Asakawa and PRC Vice Premier Ding Xuexiang during their meeting on 25th March. (Photo courtesy of Xinhua News Agency). 

During his visit to Beijing, Mr. Asakawa met with Vice Premier Ding Xuexiang and discussed opportunities to strengthen ADB–PRC partnership on climate change and sustainable development. The ongoing ADB’s country partnership strategy for the PRC, 2021–2025 supports government efforts to achieve high-quality, green development. Investments and knowledge solutions focus on the three interrelated strategic priorities of environmentally sustainable development, climate change adaptation and mitigation, and an aging society and health security.

Mr. Asakawa also met with Finance Minister and ADB Governor Lan Fo’an and exchanged views on the developments in the PRC economy and ADB’s partnership strategy for the country. He met with Chinese People’s Political Consultative Conference Deputy Secretary General Zou Jiayi and exchanged views on the role of international financial institutions in addressing current challenges and opportunities, including climate change and digital economy development. Mr. Asakawa also met with World Bank Group President Ajay Banga and Asian Infrastructure Investment Bank President Jin Liqun.

During his visit to the country, Mr. Asakawa went to Shaanxi province and met with Governor Zhao Gang and discussed potential areas of ADB support to the province. He also visited the ADB-financed Shaanxi Qinling Biodiversity Conservation and Demonstration Project sites: the Shaanxi Rare Animal Rescue Center and Qinling National botanical Garden and spoke to local communities in support of biodiversity conservation.

Since 1986, ADB has committed $44.3 billion in sovereign loans, grants, and technical assistance to the PRC, with cumulative disbursements amounting to $37.23 billion. In 2023, ADB committed $1.47 billion for sovereign loans and $68.22 million for nonsovereign lending. 

Khac Kien