Statement by H.E. Lan Fo’an at the 110th Meeting of the Development Committee - October 25, 2024 - on behalf of the People’s Republic of China

Jul 19, 2026

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Statement delivered by H.E. Lan Fo’an, Minister of Finance of the People’s Republic of China, at the 110th meeting of the Development Committee in Washington, DC on October 25, 2024. The statement urges multilateral development banks to return development to the center of the international agenda, accelerate implementation of the World Bank Group’s Evolution Roadmap, and strengthen reform, governance, and knowledge-sharing. It emphasizes adapting to global challenges, mobilizing adequate financial capacity, improving operational efficiency, and focusing on low-income countries to support a successful IDA21 replenishment.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

I. Adapting to the needs of the times and implementing the Evolution Roadmap

Reform aligned with client-country principles and demands

Enhancing effectiveness through new mission and corporate scorecard

Strengthening financial capacity, incentives, and governance tools

Reinforcing the knowledge bank role and partnerships

II. Focusing on low-income countries to achieve a successful IDA21 replenishment

Maximizing development impact of IDA funds

Prioritizing jobs, economic transition, and infrastructure connectivity

Public Disclosure Authorized Public Disclosure Authorized DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors ofthe Bank and the Fund on the Transfer of Real Resources to Developing Countries) ONE HUNDRED AND TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024 DC/S/2024-0034 October 25, 2024 Statement by H.E. Lan Fo’an Minister, Ministry of Finance on behalf of People’s Republic of China Statement by H.E. Lan Fo’an Minister, Ministry of Finance on behalf of People’s Republic of China 110th Meeting of the Development Committee October 25, 2024 Washington, DC As President Xi Jinping pointed out, the international community should act in the interests of the whole world and the people and bring development back to the core of the international agenda. At present, due to multiple global challenges, progress on the United Nations Sustainable Development Goals (SDGs) has reversed in some areas. Global development requires stronger support from multilateral development banks (MDBs) . On the occasion of the 80th anniversary of the Bretton Woods Conference, China commends President Ajay Banga for leading the World Bank Group (WBG) to adapt to changing circumstances and be future-ready, pursue new vision and mission, fully implement the Evolution Roadmap, constantly foster innovations, and move toward a "better, bigger and more effective WBG" . Multilateralism is a torch that can light up humanity’s way forward. China supports the WBG’s efforts of further deepening reform, enhancing financial strengths, optimizing operational model and improving governance structure as a leader of the MDBs, so as to better help client countries achieve poverty reduction and shared prosperity, address global challenges and realize the SDGs. I. Adapting to the needs of the times and implementing the Evolution Roadmap in a comprehensive, effective and balanced way China commends the progress achieved by the WBG in the Evolution Roadmap. China supports the WBG’s efforts to implement reforms in line with the principles of client-country led, demand-driven and resultoriented. China encourages the WBG to enhance its country engagement model and develop a strategy to help middle-income countries (MICs) to overcome the "middle-income trap" while collaboratively tackle global challenges. China commends the WBG for pursuing its new mission and implementing the new Corporate Scorecard through the five verticals of People, Prosperity, Planet, Infrastructure and Digital to enhance development effectiveness. China welcomes the development of the six Global Challenge Programs (GCPs) and encourages that the WBG strengthen consultation with client countries to execute GCPs under the Country Partnership Framework (CPF) . China welcomes the WBG to further streamline the project approval process and create a Grant Facility for Project Preparation (GFPP) Trust Fund to enhance operational efficiency and effectiveness, thus delivering support in a faster, more simplified and client-oriented manner. Adequate financial capacity and incentives are critical for achieving the WBG’s new vision and mission. China urges the WBG to promptly mobilize adequate resources for new financial instruments, including Hybrid Capital, the Portfolio Guarantee Platform and Livable Planet Fund, to facilitate the implementation of the International Bank for Reconstruction and Development (IBRD) Framework for Financial Incentives (FFI) . China welcomes the establishment of the IBRD Framework of Restoration Measures (FRM) for capital adequacy and thus safeguard its AAA credit rating. We urge major shareholders to fulfill their capital provision responsibility effectively, enabling the WBG to enhance its counter-cyclical role. China welcomes the IBRD to reduce the loan spread to reduce borrowing costs. China supports the WBG’s efforts of reinforcing its role as a knowledge bank. We welcome the launch of the WBG Academy, which will b

FAQs

What core development principle does the statement emphasize for the international community?

It emphasizes acting in the interests of the whole world and people and bringing development back to the core of the international agenda, especially amid setbacks in progress toward the SDGs.

What does the statement request regarding the World Bank Group’s Evolution Roadmap?

It supports reforms based on client-country leadership, demand-driven approaches, and results orientation, and encourages stronger country engagement and execution of Global Challenge Programs under the Country Partnership Framework.

How does the statement propose strengthening support for low-income countries through IDA21?

It calls for maximizing the development impact of IDA funds by prioritizing rapid economic growth, jobs and economic transition, and accelerating infrastructure development and connectivity.

Jul 19, 2026

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