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China taking unprecedented leadership in development: WB

Press Trust of India  |  Washington 

is taking "unprecedented" leadership in the overall world of development and the country has been illustrating that it is concerned about growth, World President Jim Young Kim said today.

"The One Belt One Road project is an extremely important one for the Chinese and also for us. The leadership that is now taking in the overall world of development I think is unprecedented," Kim told reporters at a conference at the start of the annual Spring meeting of the International Monetary Fund and the World

"I think has been stepping up and illustrating that it's concerned about development, not just in the neighbouring countries or even along the Old Silk Road, but globally," he said.

Kim said the World was currently engaged in a major study with China on the drivers of China's future economic growth.

The bank is also partnering with Asian Infrastructure Investment Bank (AIIB).

"There were two major projects that we've co-financed with AIIB in Indonesia. So our expectation is that our engagement both with the Chinese and with Chinese efforts at development, both through their own bilateral cooperation, but also through AIIB, will only grow going into the future," Kim said.

"We have discussed at great length our approach of trying to crowd in much more private sector capital and the Chinese are very much in agreement with what we're trying to accomplish," he said.

The One Belt One Road (OBOR), includes amazeof connectivity projects connecting China with Euro Asia besides the neighbourhood.

It includes 21st century maritime silk road to connect China with different ports in the world as well as the CPEC and the BCIM.

While India has reservations over the maritime silk road as it impacts the Indian Ocean which is pivotal for India's security interests, it has backed the Bangladesh China India Myanmar (BCIM) economic corridor and actively supports it.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 21 2017. 00:57 IST