Minister of Finance Lan Fo'an: China Will Adopt More Proactive and Effective Macro Policies to Promote the Achievement of the Annual Expected Growth Target

On April 24, 2025, the World Bank (hereinafter referred to as the Bank) held the 111th meeting of the Development Committee in Washington, US, during which the report "Jobs: The Path to Prosperity" was reviewed and approved. The meeting was chaired by the Chair of the Development Committee, Swedish Minister of Finance Elisabeth Svantesson, and attended by representatives of the 25 constituencies of the Bank, World Bank President Ajay Banga, International Monetary Fund Managing Director Kristalina Georgieva, and World Trade Organization Director-General Ngozi Okonjo-Iweala. China's Minister of Finance and World Bank Governor Lan Fo'an attended and delivered a speech, accompanied by Vice Minister of Finance and World Bank Alternate Governor Liao Min.

All parties broadly supported the Bank in leveraging its financial and knowledge resources to stimulate private sector development, focusing on key areas such as infrastructure, energy, and manufacturing to create more jobs for developing countries. All parties expected the Bank to accelerate the implementation of its reform roadmap, enhance operational efficiency, and provide more development financing. All parties supported the Bank in advancing the 2025 equity review in accordance with the Lima Principles.

Lan Fo'an stated that China appreciates the Bank's efforts to promote employment as a goal, laying a solid foundation for developing countries to eradicate poverty and achieve shared prosperity. President Xi Jinping has emphasized the need to increase resource investment in trade, investment, and development cooperation, strengthen development institutions, build more bridges of cooperation, and reduce "small yards with high walls," enabling more developing countries to enjoy better lives and achieve modernization. Currently, trade protection policies pose significant risks to global poverty reduction and development efforts. China calls on the Bank and other international organizations to advocate for principles of non-discrimination and free trade, jointly safeguarding an open and cooperative international environment.

Lan Fo'an pointed out that China is both a beneficiary and a contributor to global economic integration. In recent years, China's contribution to global economic growth has remained around 30%. Amid the current complex external environment, China will adopt more proactive and effective macro policies to achieve its annual growth targets and continue to bring stability and momentum to the global economy. China adheres to the basic national policy of reform and opening up, has granted zero-tariff treatment to products from all least-developed countries with which it has diplomatic relations, and is willing to further open its doors to share its vast market with the world, achieving mutual benefit and win-win outcomes.

During the meeting, Lan Fo'an also attended the Ministerial Meeting of the Global Sovereign Debt Roundtable, exchanging views with various parties on addressing issues such as the sovereign debt vulnerabilities and liquidity challenges of developing countries.