World Bank CEO praises China’s structural reform

BEIJING - China’s structural reform has been “really going well” amid rising uncertainties worldwide, said World Bank CEO Kristalina Georgieva, adding the world needs to think as a community of common destiny. “In 2016, the world got 2.3 percent growth, very disappointing. More than a third, 35 percent, came from China, and it is particularly remarkable because China is rebalancing its economy,” Georgieva told Xinhua in an exclusive interview on the sidelines of the 2017 China Development Forum, which concluded Monday. She added that China’s economic transformation and rebalancing have been going well, though not without some difficulties, and are moving forward smoothly. Hailing China’s commitment to international cooperation, Georgieva expressed her concern over the anti-globalization sentiment seen in some economies. “There is no way to turn the clock back. Interdependence is so advanced that trying to roll it back would create unnecessary pain for the world economy,” she said, warning that if globalization were reversed, all would lose. Meanwhile, she said it’s important to recognize that the rapidly changing world economy means that, for millions of people, there is anxiety resulting from the loss of what had been their livelihood, and that anxiety has to be addressed. The Bulgarian economist lauded China’s Belt and Road Initiative, saying it’s not only an opportunity for China, but also one for countries 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,” she said. Georgieva said China has made “remarkable” achievements in reducing poverty, both within the country and across the border. As a long-term partner to China, the 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, so as to share the Chinese experience with other countries,” she said.

(Xinhuanet.com)