Op-Ed Contributors

A constructive role with China

By Robert Zoellick (China Daily)
Updated: 2010-09-13 08:17

One way the World Bank is doing so is by facilitating and supporting an active program of knowledge exchange between China and other developing countries that wish to learn from China's development success and its record in overcoming poverty. I am pleased to observe that China has been generous in sharing its experiences and lessons from its development successes with its neighbors in East Asia and in less fortunate regions such as Sub-Saharan Africa.

China's rapid growth and domestic transformation over the last three decades have reshaped the domestic as well as the global economy.

With the domestic economy, China is wisely addressing new challenges. These include creating a greater balance between savings and consumption, creating a Harmonious Society that will benefit all its people, seeking to avoid "The Middle Income Trap" that could curb prosperity, and moving to more value-added production that will warrant higher wages. In each of these areas, the World Bank may be able to assist in sharing knowledge and experience. We also believe that the lessons we learn together will be of interest to other developing countries.

In the global economy, China is altering the division of labor, affecting capital flows, and creating new growth opportunities in other developing countries. This expanding influence in the world - including its recent elevation to being the third largest shareholder of the World Bank - will come with new responsibilities, opportunities and expectations. China will need to weigh how it can best contribute as a responsible stakeholder in the international system that has benefitted China in the past and will offer cooperative opportunities in the future. China's influence will be felt in designing effective climate change policies, ensuring stable global growth, and providing development resources and investment to overcome poverty in other countries.

Looking ahead, the World Bank will continue to work with China as it faces these challenges. China's quest now is to join the ranks of the high-income countries. I believe that it can do so over the next generation while also protecting its environment and natural resources, enhancing social stability, and protecting the global commons. This is a demanding goal, but one that I am confident can be reached.

China has already accomplished a great deal and earned the world's respect. The World Bank Group will be proud to play a constructive and supportive role with our extraordinary partner.

The author is president of the World Bank.

(China Daily 09/13/2010 page9)