China's Finance Minister Praises ADB Aid

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Last updated at: (Beijing Time) Friday, May 10, 2002

China's Finance Minister Praises ADB Aid

China is looking to the Asian Development Bank (ADB) to help boost aid to its vast impoverished central and western areas.

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China is looking to the Asian Development Bank (ADB) to help boost aid to its vast impoverished central and western areas.

Chinese Minister of Finance Xiang Huaicheng told the opening ceremony of the 35th ADB annual board meeting that the ADB has played a positive role in supporting China's in economic and technological reform.

"It has greatly propelled the stable and sustainable economic development in China," said Xiang.

He said that aid from the ADB had directly helped to ease the shortage of funds, attract advanced technology and management expertise, eliminate transport and energy problems, promote economic growth, reduce poverty and protect the environment.

"While promoting China's development effectively, the successful cooperation of both sides has enriched the ADB with new development theories and practical experience," Xiang said.

Since China joined ADB in 1986, it has received ADB loans worth a total of 11.3 billion U.S. dollars and 196 million U.S. dollars in technical assistance grants.

In addition to 90 programs concerning loans, ADB has also facilitated the country's modernization progress with 381 aid programs, covering various sectors including traffic, energy, industry, agriculture, finance and environmental protection.

Over 60 percent of the aid programs were related to infrastructure construction and carried out in China's central and western areas, in line with the state's development focus.

Xiang pointed out that as the leading financial institution in the Asia-Pacific region, the ADB bore crucial responsibilities for pushing forward the social and economic development of its members.

In future, the ADB should concentrate more on urgent problems, such as poverty reduction, sustainable development, ecological protection and the challenges and risks of globalization.

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