A 'unique' force for integration

Premier Li Keqiang outlines hopes for new bank as platform for cooperation

Premier Li Keqiang elaborated on his vision for the Asian Infrastructure Investment Bank and the Chinese economy this year when he addressed the inaugural meeting of the bank's board of governors on Jan 16.

"It's our hope that the AIIB will draw fully on the useful experience of existing multilateral development institutions, identify its role and cultivate its own unique features," he said.

The premier encouraged the AIIB to work with similar institutions such as the Asian Development Bank and member countries to synergize development strategies by supporting infrastructure development and regional cooperation.

"With production capacity cooperation, we can generate effective demand by providing effective supply," he told the AIIB governors at Diaoyutai State Guesthouse in Beijing. "It's important for the AIIB to follow the trend of economic globalization and regional integration and meet the needs of developing members for industrialization and urbanization.

Financial resources

"Staying committed to business first, government support and solid market principles, the AIIB is in a position to provide developing members with low-cost, technology-intensive, energy-efficient and environmentally friendly solutions, equipment and financing support to facilitate industrialization and urbanization," Li said.

The new bank should fully leverage its strength as a cooperation platform to explore diverse and multidimensional cooperation models, as well as cooperation on financial resources and technical know-how, for deeper integration of regional and global industrial and value chains, he said.

Li also highlighted China's identity as a developing country by calling for stronger efforts on inclusive development, uniting development efforts between developing and developed members, and among various sectors in each country the AIIB works with.

Responding to the audience's interest in the economy, the premier said China's $10 trillion economy is among the fastest-growing economies in the world, despite the challenges of a sluggish global economy and difficulties at home.

Steady employment

Employment is good, and incomes for urban and rural households are growing steadily, he said, adding that there are positive changes in the economic structure, too. The services sector already accounts for half of China's GDP, consumption contributes to nearly 60 percent of economic growth, and there is an upsurge in new technologies, products, business forms and models, he said.

Li said the Chinese economy is highly resilient and has considerable space for readjustment. China will endeavor to seize opportunities while handling the challenges.

He also promised that strong efforts will be made to advance structural reform, implement an innovation-driven development strategy, promote mass entrepreneurship and innovation, and develop new drivers of development while improving and upgrading traditional advantages.

In the future, China's economic growth will depend less on natural resources and more on human resources, he said, pointing out that the nation has 1.3 billion people and a workforce of nearly 900 million people, including 150 million skilled professionals.

China has the capacity to maintain medium-to-high-growth and achieve a medium-to-high level of development, which will bring more opportunities to the global economy, he added.

China Daily

(China Daily European Weekly 01/22/2016 page16)