People's Republic of China and ADB
In the Spotlight
PRC's Vice Minister of Finance Shi Yaobin talks about internal reform and why his country still needs organizations like ADB.
An announcement by the People’s Republic of China that it will set up a national emissions trading market in 2017 is a game-changer that could prompt similar moves elsewhere.
ADB President Takehiko Nakao visited the People’s Republic of China (PRC) from 21 to 23 September. He discussed the ADB-PRC partnership with high-level officials, and visited low-carbon projects and businesses in Hunan Province.
Decelerating more than expected in the first eight months of 2015, gross domestic product (GDP) growth in the People’s Republic of China (PRC) is forecast to average 6.8% for the year. Recent growth moderation will likely be offset by a pickup in exports and consumption in the remainder of the year, says a new ADB report.
Following 3 decades of exceptional economic growth, the People’s Republic of China (PRC) is now regarded as an upper middle-income country.
The PRC will focus on improving quality and efficiency, and give even greater priority to shifting the growth model and adjusting the structure of development. Development challenges include promoting economic development, protecting the environment, tackling regional disparity, and allowing the market to determine resource allocation. The PRC is aiming to, among others, deepen its public finance reform, improve the financial market, promote state-owned enterprises reform, and encourage greater private sector participation.
With a focus on innovation and value addition, ADB has combined its support for infrastructure with areas such as technical and vocational education and training, provision of municipal services, and environmental improvement.
Projects in the People's Republic of China
- Qingdao Smart Low-Carbon District Energy Project
- Sustainable Provincial Development Strategy for Liaoning Province
- Promoting Partnerships for South–South Cooperation II
- Shaanxi Accelerated Energy Efficiency and Environment Improvement Financing Program
- Study on the Coordinated Development of Beijing-Tianjin-Hebei
- Public Finance and Financial Management Reforms
- Strengthening Capacity for Promoting Distributed Renewable Energy Utilization in Hebei Province
- Promotion of a Legal Framework for Financial Consumer Protection
- Policy and Management System Development for Rural Environmental Protection
- Shandong Groundwater Allocation and Protection
- Xinjiang Tacheng Border Cities and Counties Development Project
- Fiscal Policy for Urbanization, Industrialization, and Agricultural Modernization in Henan
- Strengthening Capacity for Implementing the New Energy City Program in Gansu Province
- Public Expenditure Performance Monitoring in Henan
- Gansu Baiyin Urban Development II Project
1,367.82(2014) Population in millions
0.5%(2009-2014) Average annual population growth rate
8.5%(2013) Population living below the national poverty line (Differs from standard definition; or refers to only part of the country)