China focus: World Bank chief seeks to collaborate with AIIB
Nation is restructuring its economy
“THE World Bank will collaborate with the Asian Infrastructure Investment Bank (AIIB) and China Development Bank to eradicate extreme poverty in Asia, Africa and the rest of world,” World Bank president Jim Yong Kim told the People’s Daily on the eve of President Xi Jinping’s visit to the UN headquarters in New York, where he was expected to attend a series of summits marking the UN’s 70th anniversary.
Jim said the World Bank welcomed the establishment of the AIIB and had been looking for ways to closely collaborate with it. “Anyone who cares about poverty and inequality would welcome a bank that is going to help developing countries grow their economy and increase jobs for their people, since the AIIB can play a vital role in reducing extreme poverty.” He also talked about his friendship with the Chinese president. “The US town Muscatine in Iowa State, which Xi Jinping visited about 30 years ago, is the place where I grew up. In our each meeting, we would talk about our friends in Muscatine, and I could feel his profound understanding of US society.”
The World Bank president said he would attend the highlevel Roundtable on SouthSouth Co-operation co-chaired by Xi and UN secretarygeneral Ban Ki-moon.
As an important programme, the development plan of South-South co-operation is another mechanism that differs from the Millennium Development Goals.
According to him, many innovations have emerged in China’s development course, and the high-level roundtable, aimed at eradicating extreme poverty and realising common prosperity, will help developing nations boost their cooperation and exchanges in innovative development.
Jim said China was restructuring its economy by shifting its focus from manufacturing, exports and investments to services and consumption.
“China’s economy needs to be viewed from a balanced perspective. Although its manufacturing sector has slowed down, the demand for services and the retail industry is rising.” – Source: People’s Daily CHINA would launch hundreds of projects to support developing countries in reducing poverty over the following five years, Chinese President Xi Jinping said at the weekend at a South-South co-operation roundtable in New York.
The “Six 100s” initiative includes 100 projects to reduce poverty, 100 agricultural co-operation projects, 100 projects to promote trade, 100 projects for environment protection and climate change, 100 projects for hospitals and clinics, as well as 100 projects related to schools and vocational training centres.
China would provide 120 000 quotas and 150 000 scholarships for citizens from developing countries to receive training and education in China, as well as help train 500 000 professional technicians, Xi added. China will also set up an Academy of South-South Co-operation and Development, and provide $2 million (R28m) of aid in cash for the World Health Organisation.
Xi made four proposals for post-2015 development: building up development capacities; improving the international development environment; updating development part- nerships and strengthening development co-ordination mechanisms.
A press statement by the co-chairs of the High-Level Roundtable on South-South Co-operation called for countries to do more to share their experiences gained during development. The statement also called for more co-operation when it comes to policy, flagship projects and global management.
The representatives attending the round table include President Jacob Zuma, Egyptian President Abdel Fattah el-Sisi, Zambian President Edgar Lungu, Ugandan President Yoweri Museveni, Ecuador President Rafael Correa, Nigeria President Muhammadu Buhari, Pakistani Prime Minister Nawaz Sharif, Malaysian Prime Minister Najib Razak, Samoan Prime Minister Tuilaepa Lupesoliai Sailele Malielegaoi, Bangladesh Prime Minister Sheikh Hasina and Danish Prime Minister Lars Loekke Rasmussen.
UN secretary-general Ban Ki-moon also attended.
Editor’s Note: These articles are republished with permission from the People’s Daily.