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China calls for innovation in Asian Development Bank

in ASIA/ECONOMY by

China proposed four steps that the Asian Development Bank (ADB) could take to further promote inclusive development in the Asia-Pacific region.  “Looking to the future, I hope that based on the development experience of the past 50 years, ADB can keep pace with times and engage in innovation, and actively support the promotion of inclusive development in the Asia-Pacific region,” said Yu Weiping, Vice Minister of China’s Ministry of Finance. Yu represented Minister of China’s Ministry of Finance Liu Kun at the business session of the 51st annual meeting of the ADB Board of Governors. ADB can “innovate development strategies to promote high-quality development” in the region. Poverty reduction is one of the key goals of ADB, but it should not be the only one, said Yu.

“With more and more developing members entering the ranks of middle-income countries, ADB should strengthen its cooperation with middle-income countries to help them achieve high quality development while supporting low-income countries, small island countries, and vulnerable countries.” Yu said ADB can also “deepen regional cooperation and promote the building of a community of shared future for mankind.”

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