On October 25, 2024, the World Bank held the 110th meeting of the Development Committee in Washington, USA, focusing on World Bank reforms, the 21st replenishment of the International Development Association, and approved the report "A World Bank Group for the Future".
The meeting was chaired by Mohamed Ben Hadi Al-Hussaini, Chairman of the Development Committee and Finance Minister of the UAE, with representatives from 25 constituencies of the World Bank, World Bank President Penanjie, IMF Managing Director Georgieva, WTO Director-General Ngozi, UN Deputy Secretary-General Amina in attendance. Vice Minister of Finance and Deputy Director of the World Bank for China Best, Mr. Liao Min, also participated and spoke.
All parties generally support the World Bank becoming a larger, better, and more effective multilateral development bank, and appreciate a series of reforms implemented by the World Bank in areas such as building a knowledge bank, improving institutional operational efficiency, enhancing financial capacity, and mobilizing private sector resources. All parties highly anticipate the successful replenishment of the 21st replenishment of the International Development Association to provide larger-scale concessional funds for low-income countries to help them achieve the UN Sustainable Development Goals. All parties support the World Bank conducting the 2025 equity review process based on the Lima Principles.
Liao Min appreciates Penanjie's leadership in advancing World Bank reforms. China supports the reform proposals outlined in the "A World Bank Group for the Future" report and looks forward to the World Bank accelerating implementation. China hopes that the World Bank, through the 2025 equity review, will better reflect the new changes in the global economic landscape. China supports the successful replenishment of the 21st replenishment of the International Development Association and is willing to contribute as much as possible.
Liao Min stated that the recent comprehensive policy package introduced by the Chinese government has received widespread attention from the international community. In addition to monetary policy, China will also increase the countercyclical adjustment intensity of fiscal policy, implement a series of strong measures in resolving local government debt, stabilizing the real estate market, increasing income for key groups, safeguarding people's livelihoods, promoting equipment renewal, and implementing trade-in programs for consumer goods, leveraging government spending to stimulate social investment, boost consumption, and increase effective demand.
China is confident in achieving an economic growth target of around 5% for the whole year and continuing to inject momentum into global economic growth. During the meeting, Liao Min also attended the Ministerial Roundtable on Global Sovereign Debt, the IMF-WTO Roundtable, and a high-level seminar on the "World Bank Development Report 2024", as well as separate meetings with World Bank President Penanjie, World Bank Senior Vice President and Chief Economist Gill, IMF First Deputy Managing Director Gita, ADB Vice President Morris, and Gates Foundation CEO Susan.