The annual meetings of the International Monetary Fund and World Bank have concluded on the Indonesian island of Bali. Among the topics discussed, aside from trade wars and ways to drive global growth, was China's massive international development project, The Belt & Road Initiative; while Alibaba founder Jack Ma was also on hand to promote investment in human capital development. CGTN's Silkina Ahluwalia has more.

The IMF-World Bank meetings came to a close on Sunday with global and international trade dominating talks during the week-long event. Both institutions stressed the importance of having an open trade system for overall economic growth, sustainable development and opening up job opportunities. The meetings highlighted challenges that the global economy is facing including rising debt levels, weak currencies in some developing nations, higher oil prices and inequality.

One of the most popular sessions was the conversation between Jim Yong Kim and Jack Ma which encouraged countries to start investing in human capital development. Jack Ma said that education will be the key factor that sets people and machines apart. In order to move towards that positive mindset, he urged governments to start building strong education, health and social systems.

SILKINA AHLUWALIA BALI, INDONESIA "Another important session that came out of this year's meetings was the creation of Bali Fintech agenda, a set of policies that can help countries to harness the benefits of advances in Financial Technology. The IMF believes Fintech can support sustainable growth and reduce poverty by strengthening financial inclusion."

The World Bank Group also addressed the work that they have done in the past ten years to eradicate extreme poverty. They mentioned that they have successfully lifted more than one billion people out of poverty, putting the global poverty rate at 10 percent, which is the lowest in recorded history.

JIM YONG KIM PRESIDENT, WORLD BANK GROUP "There's no better reminder of why we gathered here than the speech that President Jokowi made at the plenary. No one doubted his warning that winter is coming. The challenges can turn into crisis if we don't face them together. The strongest tool that we have to combat those challenges is the kind of solidarity that is embedded in multilateralism. This week, Indonesia has provided all of us with an inspiring vision of a renewed commitment to multilateralism, solidarity among all women and men and a determination that no one, not even the poorest, is left behind."

Climate change was a big discussion during the meetings as well. The member countries agreed that they need to start exploring innovative solutions such as building disaster-resilient infrastructure in low-income countries to prepare for future risks. Silkina Ahluwalia, CGTN, Bali.