WB CEO hails China's structural reform

CNC
Added On March 23, 2017

World Bank CEO Kristalina Georgieva said China's structural reform has been "really going well" amid rising uncertainties worldwide.
 
She made the remarks during an exclusive interview with CNC on the sidelines of the 2017 China Development Forum.
 
The World Bank CEO said in 2016, 35 percent world growth came from China, and it is particularly remarkable because China is rebalancing its economy.
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"Within the current economic conditions globally, this is a very good achievement of China. What we have seen since the financial crisis is slow growth, insufficient investment, leading to inability of the world economy to return to the pre-crisis environment. And yet in this environment, China continues to be the most significant contributor to global growth. In 2016, the world got 2.3 percent growth, very disappointing. More than a third, 35 percent came from China, and it is particularly remarkable because China is rebalancing its economy."
 
She added that despite some difficulties, China's economic transformation and rebalancing appears to be going smoothly.
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"So from the perspective from the World Bank, we look at China's transformation, Chinese rebalancing, a process that has been really going well, not without some difficulties, but in a smooth processing forward."
 
Hailing China's commitment to international cooperation, Georgieva expressed her concern over the anti-globalization sentiment seen in some economies.
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"There is no way to turn the clock back. Interdependence is so advanced that trying to roll it back would create unnecessary pain for the world economy, whether it's region or it's global, we need to be thinking us as one entity as president Xi Jinping said shared destiny. We not only swim in the ocean, but we are all in the same boat, it is impossible to say, look, your end of boat is sinking, because we are all together."
 
Meanwhile, she said it's important to recognize that the rapidly changing world economy means that, for millions of people, there is anxiety resulting from the loss of what had been their livelihood, and that anxiety has to be addressed.
 
The Bulgarian economist also lauded China's Belt and Road Initiative, saying it's not only an opportunity for China, but also one for countries that are becoming more connected.
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"It is only natural that, with the size of the Chinese economy growing, the interconnection of China with the rest of the world growing, China's role in the world would also be growing."
 
She also hailed China's efforts to reduce taxes for businesses, which she believed would encourage more start-ups and bring more entrepreneurial spirit to China. 
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"It is critical for China to implement reforms that do press the direction of more innovation and entrepreneurship. For example, reforms in the financial system that allow the financial sector to be a strong factor of competitiveness. Making it possible for firms that are not viable for exit, and also to finance the high return investments, the more innovative investments. That is also a source that would generate a high quality of growth in China in the future." 
 
Georgieva said China has made "remarkable" achievements in reducing poverty, both within the country and across the border.
 
As a long-term partner to China, the World Bank has been working with China to precisely target those who need to be lifted out of poverty. 
 
SOUNDBITE (ENGLISH): KRISTALINA GEORGIEVA, World Bank CEO
"We are in the process of discussing with Chinese authorities how we can institutional lights of partnership between China and the World Bank to bring that experience form China to other countries. We are already actually looking at what are the key areas of Chinese experiences that is most valuable."