The World Bank and the International Monetary Fund (IMF) held a meeting of the 95th ministerial meeting of the development committee on April 21 and 22 in Washington D.C. Xiao Jie, head of the Ministry of Finance of China, attended the meeting and delivered a speech.
Xinhua News Agency April 24 reported that despite the increasing momentum, the global economic growth still faces downward risks. The WB and the IMF shall work together with all members to promote inclusive and sustainable development, reduce financial fragility and create more employment positions and economic opportunities. Meanwhile, they will greatly eliminate poverty and reduce inequality to ensure the sharing of benefits from the economic globalization.
The meeting welcomed the progress made in the 2030 strategy of the WB and encourages its further implementation. It will firstly consider the solutions of private departments in using scarce public capitals. It will provide supports to all clients, including countries with low and medium incomes, countries with fragility, conflicts and violence in particular. It will strengthen the use of domestic resources and support global public products. The meeting requires proposing solutions on strengthening the financial ability of the WM before the 2017 annual meeting and reviewed the commitment on the equity deliberation principle made at the Lima annual meeting.
Xiao pointed out that the WB should promote the inclusive and sustainable growth of the global economy and play a more important role in eliminating extreme poverty and promoting shared prosperity. The WB should follow its purposes, strengthen the cooperation with countries with low and medium incomes and focus on the demands of clients to ensure the inclusiveness of policies and the effectiveness of assistance.
Xiao indicated that all members should stock to the multilateralism, support the significant capital injection and strengthen its financial ability. They should support the governance reform of the WB, raise the voices of developing countries and safeguard its leading position in the global development.
Xiao emphasized that China supports the WB and other development agencies and private authorities in establishing strong partnership and utilizing all resources to promote coordinated development. They should strengthen regional cooperation, south-south cooperation and south-north cooperation and firmly advance regional and global economic integration. China wishes to cooperate with the WB on the Belt and Road initiatives and deepen the all-dimensional partnership to achieve common development across the world.
When attending a closed ministerial meeting on inequality, Xiao pointed out that it should solve the inequality in development to maintain economic growth and increase social wealth. It should firmly advance the economic globalization and trade liberalization to further strengthen the macro policy coordination in global investment and trade and achieve the re-balancing of economic globalization. It should strengthen the international cooperation to narrow the south-north gap.
Translated by Star
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