ADB should uphold multilateralism, foster development in Asia-Pacific: Chinese finance minister

NADI, Fiji -- The Asian Development Bank (ADB) should uphold multilateralism and foster a development environment in the Asia-Pacific region, Chinese Finance Minister Liu Kun said here on Saturday.

Speaking at the business session of the 52nd Annual Meeting of the Asian Development Bank's Board of Governors which is being held in Nadi, the third largest city of Fiji, Liu said that ADB should uphold multilateralism and foster an enabling development environment for the prosperity of Asia and the Pacific.

"At present, one of the major risks that threatens the endeavor of international development is the skepticism about multilateralism and departure from the spirit of cooperation. We would like ADB to act as a multilateral platform to coordinate and spur all parties to strengthen international development cooperation and jointly foster an enabling development environment for the prosperity of the Asia and the Pacific region," Liu said.

Liu encouraged ADB to formulate differentiated assistance strategies according to the specific development situation of its developing members, saying that ADB should seek for the common interests of all parties, expedite the reform of global and regional economic governance, as well as promote the liberalization and facilitation of trade and investment, and help accelerate the process of regional integration.

The development practice and historical experience in Asia and the Pacific region have shown that the development and prosperity of regional economy depend on cooperation and mutual support of all parties, Liu said, adding that the theme of this year's meeting "Prosperity through Unity" which reflects the world's development trend, responds to the call for building a community with a shared future for mankind and aligns with the global governance view of "consultation and contribution for shared benefits".

Over the past 50 years, ADB has made great contribution to poverty reduction and development in Asia and the Pacific. Last year, ADB formulated Strategy 2030, which sets out its medium and long-term development roadmap and operational priorities and enables ADB to better fulfill its mission and serve for the prosperity of Asia and the Pacific region.

The Chinese minister hoped that ADB should implement Strategy 2030 to lay a solid development foundation and promote innovative development to help sustain the driver of prosperity of Asia and the Pacific region.

China welcomes ADB to support regional cooperation as it has always been doing, and strengthen the synergy between regional cooperation programs and initiatives like the Belt and Road Initiative, so as to promote the benefits of connectivity, he said.

Describing ADB as a significant platform for all parties to cooperate, build consensus, mobilize resources and tackle challenges, Liu said that China stands ready to work with all parties to support the development cause of Asia and the Pacific region as what China has been doing.

"We will continuously deepen the all-round cooperation with ADB and make contribution to the inclusive and sustainable development of the Asia-Pacific region and the world," he added.

The five-day ADB's 52nd annual meeting has attracted finance ministers, central bank governors, government officials, private sector representatives, development partners and media from the Asia-Pacific region.