China sees great potential in closer cooperation with World Bank

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China is willing to deepen its cooperation with the World Bank on lending programs and knowledge sharing, Chinese Finance Minister Liu Kun said in a meeting with World Bank President David Malpass.

The meeting was held on the sidelines of the 99th Meeting of the Development Committee launched by the World Bank and the International Monetary Fund on Friday and Saturday in Washington, DC.

There is great potential for China, the world's largest developing country and an important partner of the World Bank, to cooperate with the international lender in the future, Liu said, according to a statement released by the Chinese Ministry of Finance on Saturday.

Liu said he hopes other developing countries can learn from China's experience in successfully alleviating poverty.

China expects to work with the World Bank on improving the innovativeness of lending programs and added value, he added.

In addition, China also looks forward to cooperating with the World Bank in such areas as improving the business environment and establishing a high-standard multilateral financing cooperation center, the minister said.

World Bank President David Malpass. /Xinhua Photo

Malpass said the World Bank and China share a great responsibility in combating poverty and spurring global development, noting China's achievements in alleviating poverty, the experience of which is worth sharing.

The World Bank, Malpass said, is also willing to work with China on pollution prevention and control, green development, as well as coping with climate change.

China to further expand market access

During the meeting, Liu also stressed that China will maintain a proactive fiscal policy this year. The country has implemented substantial tax cuts, and the economic growth in the first quarter achieved a good start, said Liu.

China will continue to expand market access, enhance the protection of intellectual property rights and strictly implement the newly introduced Foreign Investment Law, Liu added.

These measures are not only for China's development needs but for global economic growth. The country is willing to make positive contributions to help realize World Bank's goals and the UN's 2030 Agenda for Sustainable Development through the Belt and Road Initiative and regional cooperation, said Liu.

Source(s): Xinhua News Agency