This year, as China adopted its 13th Five-Year Plan, ADB adopted its new Country Partnership Strategy (CPS) with China for 2016–2020. Deepening and Widening the ADB–PRC Partnership I would like to highlight that last year ADB approved its first policy-based loan to China of $300 million to improve air-quality in the Beijing-Tianjin-Hebei greater capital area and to reduce CO2 emissions. With ADB’s corporate target to double our climate financing from $3 billion a year to $6 billion by 2020, we are ready to help China “green” its economy. China is the world’s largest energy consumer with the largest greenhouse gas emissions of 24% of the global total. We have been supporting Ministry of Environmental Protection (MEP) even before it became a ministry and we are having regular dialogue with MEP to strengthen our collaboration.Ĭlimate change is another important area of our partnership. ADB can also provide more assistance in elderly care, pharmaceutical industry reform, and health sector finance.ĪDB is committed to providing strong support for the realization of the vision of an ecological civilization. We are now working with Guizhou Province and Guangxi Zhuang Autonomous Region to reform their technical and vocational education systems. There are also challenges in realizing “ecological civilization,” through protection and promotion of environment, and by investing in “livable cities.”ĪDB is ready to help China’s further transformation and address economic, social, and demographic challenges. At the same time, continuing efforts are needed to reach out to the remaining poor in the pockets of poverty, and to respond to emerging challenges such as aging population. China’s Persistent and Emerging Challenges and the Role of ADBĬhina needs to continue transforming its economy, and move up the global value chain, advancing its productivity and labor force skills. These grants cover the preparation of infrastructure projects, sector reforms, public finance, environmental protection, and capacity development. Since 1986, our approved technical assistance grants have amounted to $430 million.
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In the energy sector, Guangdong Energy Efficiency Power Plant, approved in 2008, was one of the first large-scale energy efficiency projects in China to demonstrate that energy efficiency improvements can even negate the need for a new power plant.ĪDB has also supported China through our knowledge work. Instead of expressways, we are now supporting feeder roads in rural areas or road maintenance and road safety. In later years, the focus of ADB assistance has moved to less developed parts of China, and to address the issue of inclusiveness, environmental concerns or to introduce innovative approaches. Particularly in early years, ADB assistance focused on filling the “gaps” – such as the sections of north-south or east-west corridors in transport sector or to address generation and transmission capacity constraints in the power sector. Half of our total assistance to China has been in the transport sector. Since the approval of our first loan to China Investment Bank in 1987, ADB approved a total of $34 billion in loans by the end of last year, including $3 billion for the private sector. Of particular importance was the fact that China has pursued policies conducive for rapid economic growth, especially by investing rigorously in infrastructure.Ĭhina joined ADB in 1986, and I am proud of ADB’s contribution to China’s rapid socioeconomic development over the past 30 years. Thirty years signifies maturity in China, and ADB is eager to develop further, our mature partnership with China.įrom 1978 to 2015, China not only achieved average annual growth of nearly 10%, but it also transformed its economy substantially: from a rather basic agriculture, mining and heavy industry dominated one to manufacturing and export led one, and then to the current service sector and consumption led one. 10, together with the Ministry of Finance of the People’s Republic of China, the Asian Development Bank held a symposium commemorating the 30 years of strong partnership between China and ADB at the Asia-Pacific Finance and Development Institute in Shanghai. In 2015, ADB approved a $300 million loan to improve air quality in the Beijing-Tianjin-Hebei area.ADB approved $34 billion in loans for China's infrastructure investment from 1986-2015.
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