China calls for innovation in Asian Development Bank

Beijing [China], May 6 (ANI): China called for innovation and inclusive development of the Asian Development Bank in the Asia-Pacific region.
While addressing the business session of the 51st annual meeting of the ADB Board of Governors on Saturday, Vice-Minister Yu Weiping of China's Finance Ministry said, the Asian Development Bank have engaged in innovation while keeping up with the changing times, as reported by the Xinhua News agency.
"Looking to the future, I hope that based on the development experience of the past 50 years, ADB can keep pace with times and engage in innovation, and actively support the promotion of inclusive development in the Asia-Pacific region," Yu said.
He highlighted the fact that more and more developing countries are becoming part of the middle-income countries and thus the ADB needs to be overhauled to accommodate the changed economic paradigm.
"ADB should strengthen its cooperation with middle-income countries to help them achieve high-quality development while supporting low-income countries, small island countries, and vulnerable countries", Li said in the same context.
Further, Yu suggested ADB to "expand partnerships to enhance overall development benefits and levels" in the Asia-Pacific region.
He encouraged ADB to further expand its cooperation with China's specific banks such as the Asian Infrastructure Investment Bank, the Shanghai-based New Development Bank and other financial institutions. (ANI)