China Elected Chairman of 35th ADB Board of Governors

China Elected Chairman of 35th ADB Board of Governors

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China on Friday was elected chairman of the 35th board of governors of the Asian Development Bank (ADB), with Shanghai picked as the venue of the board's next annual meeting.

"The 35th annual meeting of the ADB board of governors will be held in Shanghai in May 2002 and preparations are being made smoothly," Chinese Finance Minister Xiang Huaicheng announced, soon after China was elected board chairman.

Introducing the city to the other 58 members of the board, Xiang said Shanghai is an important port city on the west bank of the Pacific. With a population of 16 million, it is a major Chinese financial center, he said.

Shanghai's industrial output is 8 percent of the national total, while its export volume and fiscal revenue account for 20 percent and close to 10 percent of the national total respectively, he added.

With more than 60 foreign financial agencies based in Shanghai and another 200,000 foreign enterprises investing in Shanghai's industries, the city has become an international metropolitan, Xiang said.