ADB Asian Development Bank : President and PRC Finance Minister to Cooperate Closely in 2017

BEIJING, PEOPLE'S REPUBLIC OF CHINA (4 January 2017) - President of the Asian Development Bank (ADB) Takehiko Nakao met with PRC Finance Minister Xiao Jie on 4 January in Beijing and discussed their close cooperation in 2017. This was Minister Xiao Jie's first meeting with the head of a multilateral lending institution since he assumed office in November 2016.

They also signed a memorandum of understanding on the PRC's new financial contribution of $50 million to ADB, to enable ADB to extend grant-funded technical assistance under the PRC Fund for Poverty Reduction and Regional Cooperation.

'We are starting the new year with high hopes for our close cooperation,' said Mr. Nakao. 'With 30 years of experience working in the PRC, ADB is a trusted partner of our development, and we are now looking at the new stage of our partnership' Mr. Xiao Jie responded.

At the outset, Mr. Nakao commended Minister Xiao Jie for the PRC's effective economic management in 2016. Mr. Nakao acknowledges the Government in carrying out significant reforms on many different fronts simultaneously, while maintaining solid economic growth. He offered ADB's assistance in public finance reforms and in 'greening' the economy.

Mr. Xiao Jie discussed the domestic as well as international economic challenges facing the PRC and remarked that the PRC still needs to learn experiences of other countries. At the same time, the PRC is willing to share its development experiences with other developing member countries of ADB and hopes to work closely with ADB.

The People's Republic of China Fund for Poverty Reduction and Regional Cooperation was established in 2005, as the first trust fund of the PRC Government with multilateral development banks. Since the establishment, the PRC Government has provided $40 million to the fund, which in turn supported more than 82 technical assistance projects in a number of developing member countries of ADB.

During his 2-day visit to the PRC, Mr. Nakao also met with other senior government officials and a scholar to exchange views on the Chinese and global economies.

The PRC became an ADB member in 1986. Between 1986 and 2016, ADB provided $36 billion in loan assistance to the PRC, comprising $33 billion for the public sector and $3 billion for the private sector. ADB has been also supporting the PRC through knowledge work, with $432 million in technical assistance grants approved since 1986.

ADB, headquartered in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members-48 from the region.