CIDCA vice-chairman speaks at seminar during 10th Annual Meeting of AIIB Board of Governors

The opening ceremony of the 10th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) Board of Governors was held in Beijing on June 26. Zhao Fengtao, vice-chairman of the China International Development Cooperation Agency, attended the event and delivered a speech at the Host Member Seminar, which was under the theme "Empowering Inclusive Growth Through Innovative Financing". 

Zhao pointed out that global development is facing severe challenges nowadays when the "scissors effect" of surging financing demands and shrinking development resources restricts global inclusive growth. Strengthening development financing is an urgent need and necessary guarantee for promoting the implementation of the United Nations 2030 Agenda for Sustainable Development, he said. By proposing initiatives, building platforms and innovating practices, China has helped overcome development challenges and contributed Chinese strength to making up for the global development deficit, he added.

Calling for joint efforts of the international community in promoting financing innovation to empower inclusive growth, Zhao proposed concrete actions to increase investment in development resources. Developed countries should fulfill their official development assistance commitments, the international community should vigorously promote the reform of the international financial system, and financing partnerships should be deepened to promote South-South, North-South, and tripartite cooperation, he said. Financing models need to be innovated, such as exploring the cooperation model of integrating aid, loan, and investment, he added. China stands ready to work with the international community to inject lasting impetus into building a world of inclusive development and common prosperity, he concluded. 

The seminar was hosted by China's Ministry of Finance and jointly undertaken by the Export-Import Bank of China and the AIIB. Other speakers included Chairman of the Export-Import Bank of China Chen Huaiyu, former finance minister of Egypt Ahmed Galal, acting vice-president of AIIB Zheng Quan, and United Nations Children's Fund's Representative to China Amakobe Sande.