China main­tain­ing fi­nan­cial, so­cial sta­bil­ity

China Daily (Canada) - - FRONT PAGE -

Can you sum­ma­rize the great­est achieve­ments of the Chi­nese gov­ern­ment and the Asian De­vel­op­ment Bank in the past five years?

sta­bil­ity. Once im­ple­mented, the de­ci­sions made at the Na­tional Fi­nan­cial Work Con­fer­ence will fur­ther mit­i­gate fi­nan­cial risks by pro­vid­ing an in­sti­tu­tional frame­work for sec­tor reg­u­la­tors to work to­gether to head off in­ci­dents and con­tain their fall­out.

An­other chal­lenge is to find the right bal­ance be­tween gov­ern­ment in­ter­ven­tion and let­ting mar­kets play a de­ci­sive role. Sub­stan­tial progress has been made over the past two years; for in­stance, with re­duc­ing ex­cess in­dus­trial ca­pac­ity and the hous­ing over­hang, and gov­ern­ment in­ter­ven­tion played a crit­i­cal role here. How­ever, it is also broadly ac­cepted that well­reg­u­lated and com­pet­i­tive mar­kets are crit­i­cal for in­creas­ing eco­nomic ef­fi­ciency and pro­duc­tiv­ity. This is ex­actly what China needs to achieve a high-in­come econ­omy in the com­ing years.

What valu­able ex­pe­ri­ences can China of­fer other re­gions and coun­tries to boost their own de­vel­op­ment?

track to elim­i­nate ru­ral poverty by 2020 as planned. In 2016, only 43.3 mil­lion ru­ral poor re­mained (com­pared with 122.4 mil­lion in 2011).

One rea­son for its suc­cess is that it has de­voted a large por­tion of its GDP to in­fra­struc­ture in­vest­ment com­pared with other de­vel­op­ing coun­tries in Asia. China has shown how an econ­omy can achieve rapid growth by draw­ing on mar­ket sys­tems and open trade and in­vest­ment re­la­tions with part­ner coun­tries. The gov­ern­ment’s five-year plans, with their clear vi­sion, have played an im­por­tant role, and have helped at­tract pri­vate sec­tor in­vest­ment in in­fra­struc­ture.

Can you tell us a bit about the progress that has been achieved in projects co-fi­nanced by the Asian In­fra­struc­ture In­vest­ment Bank and the ADB?

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