World Bank Intends to Participate in Great Development of Western ChinaAt an International Symposium of Fiscal Policy and Regional Development on April 10, Huang Yuchuan, the chief representative of the World Bank (WB) China Office said that WB would be willing to give an active support to China for implementing the strategy of great development in its western region by making use of the experience gained in helping the backward countries and regions of the world to develop themselves.He said WB would support the Chinese government in developing education, training, technology and social undertakings in the western region by using the loan granted by WB and earmark more loans from WB for the construction of roads in the countries and localities in the west. He had an opinion that in poverty-stricken areas, local governments generally could not afford to pay back the loans of WB while commercial banks were not willing to invest on these projects with a long-term cycle and slow return. Therefore, central fiscal support should play a significant role in improving the local market environment, labor quality and infrastructure so as to attract domestic and foreign investors. He remarked that WB had rich experience in this respect. Like China, some developing countries such as Brazil, Korea, Malaysia and Thailand were also facing the same problem of how to hasten the development of backward areas. These countries, having undergone the ordeal of financial turmoil, focused their WB loan projects mainly in the field of education and social undertakings so as to improve their capability in innovation and competition. |
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