People's Republic of China and ADB
In the Spotlight
ADB will help roll out environment-friendly buses and promote green public transport in the People’s Republic of China as part of a $400 million financing package for Minsheng Financial Leasing Co. Ltd. (MFL).
Kebin He, Dean of the Tsinghua School of Environment, explains that low-carbon and low-pollution policies combined are the most cost-effective way to improve air quality in crowded cities and comply with the Paris Climate Change Agreement pledges.
Strong consumer spending, rising exports, and steady public spending are helping the world’s second largest economy maintain its growth momentum, but tax and other structural reforms are needed in the People’s Republic of China (PRC) for continued inclusive and sustainable development, according to a new ADB report.
The final leg of the 813-kilometer North-South Corridor from Kunming in southern People’s Republic of China to Hai Phong, Viet Nam, was upgraded in 2014. People and goods now flow freely all along the route.
Following 3 decades of rapid economic growth, the People's Republic of China (PRC) is now an upper middle-income country. The country is transforming to a new growth model that emphasizes quality and sustainability, supported by innovation. Addressing climate change-related concerns is also recognized as high priority.
Development challenges include implementing fiscal reforms, improving social protection systems, and reforming state-owned enterprises. Cornerstones of reform are to improve the range, quality, and availability of financial services; protect the environment; tackle regional disparities; address pockets of extreme poverty; and allow the market to determine resource allocation.
ADB is focusing its support on innovation and value addition in infrastructure, while promoting good governance and capacity development, knowledge solutions, private sector development, and gender equity.
The PRC is a member of the Central Asia Regional Economic Cooperation (CAREC) Program and Greater Mekong Subregion.
Projects in the People's Republic of China
- Yuxi-Mohan Subregional Railway Link Project
- Sichuan Ziyang Inclusive Green Development Project
- Chongqing Longxi River Basin Integrated Flood and Environmental Risk Management Project
- Qingdao Rural Waste-to-Energy and Clean Energy Supply in Rural and Suburban Areas Project
- Xinjiang Hetian Comprehensive Urban Development and Environmental Improvement Project
- Preparing Yangtze River Economic Belt Projects
- Implementing the Central Asia Regional Economic Cooperation 2030 Strategy for Sustainable Regional Development
- Small and Medium-Sized Enterprises Finance in Underdeveloped Regions Project
- Shanxi Technical and Vocational Education and Training Development Demonstration Project
- Hubei Xiangyang Integrated Sustainable Transportation and Logistics Planning and Strategic Study
- Shanxi Inclusive Agricultural Value Chain Development
- Shandong Spring City Green Modern Trolley Bus Demonstration
- Guangxi Regional Cooperation and Integration Promotion Investment Program
- Guangxi Modern Technical and Vocational Education and Training Development Program
- Guizhou High Efficiency Water Utilization Demonstration in Rocky Desertification Area