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World Bank should continue reforms


14:03, February 25, 2012

BEIJING - As the World Bank prepares to pick a new chief in April to replace outgoing President Robert Zoellick, the Washington-based group now has a good opportunity to think about what course it should take in line with changing economic realities.

Whoever becomes the new president should continue the reforms that began under Zoellick's leadership.

Over the past five years, the World Bank has pooled a great deal of resources to help developing countries cope with the global financial crisis, boost growth and alleviate poverty.

Moreover, the World Bank has given developing countries a stronger voice in the world arena, allowing them to adapt to changes in an era of globalization and diversification.

"The real challenge for the successor will be whether he or she can continue the World Bank's transition," said Liu Qiao, a professor of finance and economics at Peking University.

A great many things have changed since the World Bank was established in 1945, a time when the United States was the primary growth engine for the post-war world economy.

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