China supports the basic framework laid out in the World Bank's
long-term strategy, a senior Chinese official said in Washington on
Sunday.
"This represents positive steps undertaken by the World Bank in
response to the new global development trends through strategic
restructuring," Li Yong, China's vice finance minister, said at a
meeting of the Development Committee of the World Bank and the
International Monetary Fund.
The World Bank should always adhere to the following principles,
said Li.
First, the bank should maintain and strengthen its global
nature.
"The bank should always promote global common development as its
mission and provide requisite capital and knowledge for developing
members at different development stages."
Secondly, the bank should respect country-specifics and country
ownership of development.
"We appreciate the bank for renewing its development thinking by
respecting country ownership of development, appreciating
development issues from reality and practices rather than from
textbooks, and recognizing the diversity of development paths
according to country specifics," said Li.
Meanwhile, the bank should also pay attention to the external
environment for development.
Li said that China supports in principle the bank's "twin
pillar" strategy and proposes to add "creating a favorable external
environment for development" as the bank's third pillar to more
comprehensively reflect the needs of global development.
"We hold that, while promoting trade liberalization in a
balanced manner, capital flows and increase of official development
assistance, the bank should also facilitate rational labor mobility
and technology transfer," he said.
In addition, the bank should promote innovation, Li said, which
is crucial to ensure the bank's long-term viability.
"We support the bank in achieving broad-based innovation in
development thinking, operational scope, products and instruments
as well as business modalities," he said.
Li said that the bank should establish a new and equal
development partnership with developing countries and explore
demand-driven new areas of business such as studying and
disseminating development experience, providing knowledge services,
supporting cooperation and promoting regional integration.
China supports the bank's priority areas, including Sub-Saharan
Africa, fragile states, middle-income countries, global public
goods, and the learning and knowledge agenda.
(Xinhua News Agency October 23, 2007)
