Asian Development Bank takes stock as US policy shifts
Chinese Finance Minister Xiao Jie hopes ADB will strengthen strategic ties with Beijing’s “One Belt, One Road” initiative
Accelerating growth in Southeast and South Asia can help make up for slowing momentum in China but it requires smart investments in infrastructure and technology, the president of the Asian Development Bank said on Saturday as the regional lender started a meeting of its board of governors.
ADB President Takehiko Nakao and other leaders of the regional lender said investments should concentrate on high-quality projects and technology should be made available to all as countries stretch to make up for shortfalls in needed spending, they said.
Nakao said he was optimistic about the outlook for Asia, which contributes about half of world economic growth. Overall growth is forecast at 5.7 per cent in 2017 and economies in India, Bangladesh, Indonesia, Myanmar, the Philippines and Vietnam are gaining momentum.
Chinese Finance Minister Xiao Jie told the ADB’s annual gathering in Yokohama on Saturday that he hoped the Asian Development Bank would strengthen strategic ties with his country’s “One Belt, One Road” initiative to support development in Asia.