ADB President Meets People's Republic of China Premier

BEIJING, PEOPLE’S REPUBLIC OF CHINA – Asian Development Bank (ADB) President Takehiko Nakao met the People’s Republic of China (PRC) Premier Li Keqiang at the Great Hall of the People.

Mr. Nakao, with a group of select delegates from the China Development Forum (CDF) 2014 for the meeting, congratulated the PRC government for the successful conclusion of the CDF, which marked its 15th anniversary this year. Mr. Li, Mr. Nakao, and other delegates shared the view that it is important for the PRC to start implementing the necessary reforms expeditiously in accordance with government plans.

“It is significant that the PRC is determined to give a decisive role to the market in the allocation of resources. To accelerate this process, the government should focus on reforming public finance and the financial sector, and allowing the private sector to compete with state-owned enterprises on an equal footing,” said Mr. Nakao at the CDF. “While the PRC still faces numerous challenges, the country can enjoy an important comparative advantage of having the opportunity to benefit from both successful and failed international development experiences.”

With unprecedented economic growth over the past three decades, the PRC has lifted millions of people out of poverty. However, significant absolute poverty remains. In addition, growing income inequality and environmental degradation are among the challenges that the country faces. The size and rapid evolution of the PRC economy could mean that the country’s development challenges are also global issues.

Since 1986, ADB has provided the PRC with about $30 billion in lending, and $426 million in technical assistance grants in areas such as transport, water supply, environmental protection and vocational education. ADB is also currently assisting the National Development and Reform Commission in the preparation of the 13th Five-Year Development Plan.