World Bank CEO praises China’s structural reform

China’s structural reform has been “really going well” amid rising uncertainties worldwide, said World Bank CEO Kristalina Georgieva, adding that the world needs to think as a community of common destiny.

“In 2016, the world got 2.3 percent growth, very disappointing. More than 35 percent came from China, and it is particularly remarkable because China is rebalancing its economy,” Georgieva told the Xinhua News Agency in an exclusive interview on the sidelines of the 2017 China Development Forum, which concluded on Monday.

She added that China’s economic transformation and rebalancing have been going well, though not without some difficulties, and are moving forward smoothly.

She also lauded China’s “One Belt, One Road” initiative, saying that it’s not only an opportunity for China but also for countries and regions that are becoming more connected.

“It is only natural that, with the size of the Chinese economy growing, the interconnection of China with the rest of the world growing, China’s role in the world would also be growing,” said Georgieva, former vice president of the European Commission.

She also hailed China’s efforts to reduce taxes for businesses, which she believed would encourage more start- ups and bring more entrepreneurial spirit to China. “It is critical for China to implement reforms that do press the direction of more innovation and entrepreneurship.”

Georgieva said China has made “remarkable” achievements in reducing poverty, both within the country and across the border.

As a long- term partner of China, World Bank has been working with China to precisely target those who need to be lifted out of poverty. “We are now consulting with the Chinese government to institutionalize our partnership in this regard,” she said.