China proposes promoting Asia development

NEW DELHI - China made on Saturday proposals to the Asian Development Bank (ADB) for promoting Asia development, at a time when Asian countries are faced with internal structural problems and weakening external demand.

Chinese Vice Finance Minister Zhu Guangyao said at the 45th Annual Meeting of ADB Board Governors that China believes ADB's main task now is to contribute to intensifying economic integration, expanding intra-regional demand and promoting investment in real economy.

He made the three proposals to ADB to help fulfill such a task: First, adjusting strategic priorities and promoting regional interconnectivity; second, strengthening financial capacity and improving governance structure; third, deepening structural reform and promoting economic development.

"ADB should expand its lending scale for the member countries' infrastructure projects, streamline the procedure and enhance its efficiency," he said, adding that infrastructure will help sustain economic development, contribute to intra-regional investment demand and fuel growth.

Zhu said ADB, considering its problem of weakening lending capacity, should consult with all its members and put forward a package of solutions.

"Such a package should take a long term vision, including reforming ADB's governance structure that currently dampens its financial capacity and its long-term development, and increasing voice and representation of developing countries," he said.

Zhu added that to maintain the momentum of Asia's growth, countries in the region should strengthen policy coordination and create synergy effect.

He also said although China understands Japan's economic reform to get rid of deflation, the right policy choice for it should be economic restructuring.

"The monetary policy cannot substitute structural reform," he noted.