BEIJING, Nov. 6 (Xinhua) — Over the past three decades, the relationship between China and the Asian Development Bank (ADB) has transformed from borrower-lender into a partnership for policy development, capacity building and knowledge sharing, the bank said.
China is now working with ADB to address challenges and share its rich experience with other countries and development partners in Asia and the Pacific, Stephen Groff, vice president of ADB, said.
Groff made the remarks during a book launch of “A Partnership Transformed,” a book demonstrating the 30-year cooperation between China and ADB.
In 2005, China contributed for the first time to ADB’s fund for concessional lending and established a poverty reduction and regional cooperation fund, a trust fund to finance technical assistance projects implemented by ADB.
ADB approved 39.1 billion U.S. dollars in financing for China in the 1986-2017 period, with the focus shifting from finance and industry to poverty reduction, balanced growth among regions, environmental protection and the fight against climate change.
China and ADB are well-positioned to build on past achievements and address the country’s ongoing development challenges, according to the book.
The two sides will maintain close cooperation to ensure the partnership remains responsive to the evolving needs of China and the region, Groff added.