PRC Finance Minister Xiao and ADB President Nakao Meet at ADB | Asian Development Bank

PRC Finance Minister Xiao and ADB President Nakao Meet at ADB

News Release | 15 November 2017

MANILA, PHILIPPINES (15 November 2017) — The People’s Republic of China (PRC) Finance Minister and Asian Development Bank (ADB) Governor Xiao Jie met ADB President Takehiko Nakao at ADB headquarters on 14 November and exchanged views on enhanced cooperation between ADB and the PRC, the PRC’s macroeconomic policies, and ADB’s role in sustainable development in Asia and the Pacific.

Minister Xiao and Mr. Nakao agreed to promote regional cooperation through the Belt and Road Initiative (BRI), the Central Asia Regional Economic Cooperation (CAREC) Program, and the Greater Mekong Subregion Economic Cooperation (GMS) Program. They also agreed to launch a joint study by the Ministry of Finance and ADB on experiences of using ADB loans and technical assistance for economic and social development in the PRC.

The PRC became an ADB member in 1986. Between 1986 and 2017, ADB provided close to $38 billion in loan assistance to the PRC, comprising $34 billion for the public sector and $4 billion for the private sector. ADB has also been supporting the country through knowledge work, with $334 million in technical assistance grants approved since 1986.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.