The FINANCIAL — Asian Development Bank (ADB) President Takehiko Nakao visited the People’s Republic of China (PRC) from 21 to 23 September. He discussed the ADB-PRC partnership with high-level officials, and visited low-carbon projects and businesses in Hunan Province.
Mr. Nakao met with Finance Minister and ADB Governor Lou Jiwei; Minister, Office of the Central Leading Group on Finance and Economic Affairs and Deputy Chairman of the National Development and Reform Commission, Liu He; and Vice Minister of Finance and ADB Alternate Governor Shi Yaobin in Beijing on 21 September. At these meetings, Mr. Nakao stressed ADB’s continued strong support to the PRC, according to ADB.
“The PRC is in transition from an investment and export-driven economy to one that is driven by consumption and services. As the PRC is undertaking comprehensive reforms in many areas of the economy to support this transition, the PRC can continue to grow at a solid pace, tapping its potential,” said Mr. Nakao. “ADB will continue to be the PRC’s strong development partner.”
On 21 September, Mr. Nakao also called on the President-Designate of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun at the office of the Multilateral Interim Secretariat for the Establishment of AIIB.
On 22 and 23 September, Mr. Nakao visited Hunan Province and met with its Governor Du Jiahao, addressed the Industrial and Business Summit on Low Carbon Development of Hunan, and visited an ADB flood management project in the province as well as some of Hunan’s low-carbon businesses.
Mr. Nakao witnessed the signing of a memorandum of understanding between ADB and the Development and Reform Commission of the Hunan Provincial Government on cooperation for the promotion of climate technology development and deployment. Mr. Nakao commended the aspiration and commitment of Hunan Province to become a champion of low-carbon growth in the PRC.
From 2011 to 2014, ADB approved $2 billion in loans for climate financing in the PRC in such areas as ecological resources, energy efficiency, green transport, water, and wastewater systems. In Hunan, ADB is planning to finance a solid waste management project for $150 million next year. ADB is also providing technical assistance to Hunan Province for the inclusion of climate technologies into provincial development and investment plans, through its Pilot Asia-Pacific Climate Technology Finance Center.
“We have the means, the imagination, and the human ingenuity to solve the climate change problem and avoid further irreparable harm as long as we act now and together,” said Mr. Nakao at the summit. “It requires strong leadership and the adoption of innovative approaches, and the promotion of low-carbon development.”
Since 1986, ADB has provided $29.36 billion in loans to the PRC on the sovereign side, and $5.02 billion in loans/investment through its private sector window. In 2014, ADB assistance to the PRC totaled $1.49 billion, comprising 11 loan projects across five sectors: agriculture, natural resources, and rural development; energy; transport; education; and water and other urban infrastructure and services.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2014, ADB assistance totaled $22.9 billion, including cofinancing of $9.2 billion.