Statement by H.E. Lan Fo'an - at the 109th Meeting of the Development Committee - April 19, 2024

Jul 19, 2026

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Statement by H.E. Lan Fo'an, Minister of Finance of the People’s Republic of China, on behalf of China at the 109th Meeting of the Development Committee held in Washington, DC on April 19, 2024. It calls for accelerating reforms of multilateral development banks through an actionable evolution blueprint, improving country engagement, efficiency, and knowledge partnerships. The statement emphasizes balanced support for eight global challenges, effective concessional financing, and safeguards for governance. It also urges ambitious IDA21 replenishment for low-income countries, focusing on economic transformation, jobs, infrastructure, and digitalization, while maintaining financial sustainability and careful debt-related reforms.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

I. Maintaining Evolution momentum and accelerating the establishment of a "Bigger and Better" Bank.

Translating the Evolution blueprint into real outcomes

Knowledge products, global network, and capital increase options

II. Focusing on low-income countries to achieve an ambitious IDA21 replenishment

Economic transformation and IDA21 focus areas

Financial sustainability and debt-sensitive reform cautions

III. Deepening governance reform and improving the representation of developing countries

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committeeof the Boards of Governors of the Bank and the Fundon theTransfer of Real Resources to Developing Countries) ONE HUNDRED AND NINTH MEETINGWASHINGTON,DC-APRIL19,2024 Statement by H.E.Lan Fo'anMinister,Ministry of Finance on behalf of People's Republic of China DC/S/2024-0007 April 19,2024 Statement by H.E.Lan Fo'anMinister,Ministry of Finance on behalf of People's Republic of China 109thMeeting of the Development Committee April 19,2024 Washington,DC The reform of Multilateral Development Banks(MDBs)is a key step in addressing global developmentchallenges.China appreciates the World Bank Group(WBG)for actively implementing the Evolutionconsensus of the Annual Meetings in Marrakesh and making important progress under the strong leadershipof President Ajay Banga.As President Xi Jinping pointed out,development embodies people's aspirationfor a better life,and it is the top priority for developing countries and an eternal theme for humanity.Weencourage the WBG to continue to improve the evolution blueprint,adhering to the principles of client-country led,demand-driven and result-oriented,so as to fully implement the new vision and mission,bettersupport developing countries addressing global challenges and back on track of the SustainableDevelopment Goals(SDGs). # I.Maintaining Evolution momentum and accelerating the establishment of a "Bigger and BetterBank. The Evolution blueprint should be translated into real outcomes as soon as possible.China supports theWBG in improving its country engagement model,improving operational efficiency and enhancing itsability to "serve all clients".We welcome the launch of the Global Challenge Programs,and stress thatefforts to address eight prioritized global challenges should be supported in a well-balanced manner.TheFramework for Financial Incentives should be established as soon as possible with properly designedincentives and lending terms tailored into the needs of client countries,so as to maximize the impact ofconcessional financing.We believe the new funds generated by the WBG Evolution should be used indealing with global challenges and poverty reduction and development on equal footing.The contributorsto new funds should not be entitled to earmark the use of funds in order to avoid any impact on thegovernance of the WBG.China supports the WBG adopting more evolution measures to further optimizeoperational procedures and reducing project costs to alleviate the burden on client countries. China appreciates the WBG for upgrading knowledge products and services,with an aim to bettercombining financial resources with knowledge and enhance development impacts.We support the WBGto take knowledge partnerships as a strategic priority,explore more mechanisms and platforms to furtherstrengthen knowledge cooperation and south-south experience sharing. China encourages the WBG to expand its global network with development partners,strengthencooperation with new institutions such as the Asian Infrastructure Investment Bank(AIIB)and the NewDevelopment Bank(NDB),and synergize with international development initiatives such as the GlobalDevelopment Initiative(GDI),and the Belt and Road Initiative(BRI). China welcomes the progress by the World Bank in optimizing its balance sheet and encourages to exploremore options,including capital increase,to provide adequate funding for the implementation of its newvision.The G20 Independent Expert Group report indicates that financial model reform stillcannot fullybridge the development financing gap,and capital increase is imperative.We hope that the WBG will initiate discussion on this issue to build consensus,and take substantive steps in capital increase with theleast delay possible. # II.Focusing on low-income countries to achieve an ambitious IDA21 replenishment Low-income countries need concessional f

FAQs

What does China urge the World Bank Group to do regarding the Evolution blueprint?

China urges the WBG to translate the Evolution blueprint into real outcomes quickly, improve the country engagement model, enhance operational efficiency, and better serve clients through well-designed incentives and tailored lending terms.

How does the statement propose IDA21 should support low-income countries?

It calls for an ambitious IDA21 replenishment focused on economic transformation, directing capital to productive sectors, enabling integration into industrial chains, and emphasizing jobs, infrastructure, and digitalization.

What concerns does China raise about reforms affecting IDA countries’ debt?

China cautions against reform measures that could increase debt burdens, such as replacing grants with long-term loans with long grace periods, and encourages net concessional inflows for countries under debt treatment.

Jul 19, 2026

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