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On February 25, Mr. Sanjay Pradhan, World Bank Vice President and head of the World Bank Institute (WBI), visited the Asia-Pacific Finance and Development Center’s (AFDC) Beijing office together with his colleagues from the World Bank. AFDC Deputy Director General Dr. Li Kouqing and Deputy Director General Yang Jinlin hosted Mr. Pradhan’s delegation at the center’s Beijing office. The two sides exchanged views on the global state of affairs and future bilateral cooperation.

The two sides believe that the current global crisis resulting from the collapse of the US subprime mortgage market is the most devastating crisis since WW II. Confidence is needed to tackle the crisis, but more importantly, each economy should continue to improve capacity building for individuals, institutions and society as a whole. In this regard, the AFDC and the World Bank should continue their efforts at strengthening bilateral cooperation.  

In discussing cooperation between the World Bank and the AFDC, Mr. Pradhan thinks highly of what the center has achieved in capacity building and its contribution to developing economies in the Asia-Pacific region. He mentioned in particular the video conference seminar on the Wall Street Financial Crisis co-organized by the two sides in November of last year. Mr. Pradhan emphasized that the event garnered interest and effected change over many Asian economies. It provided opportunities for Asian economies to share experiences at dealing with economic crisis and the seminar was instructive with regard to capacity building within the World Bank Institute itself.     

The two sides believe that the World Bank and the AFDC will strategically cooperate in knowledge exchange and training courses. They also had a frank discussion on the mode of bilateral cooperation.  

China is one of the few countries Mr. Pradhan has visited since assuming his current position last October. As stated by Mr. Pradhan, taking the opportunity to visit the AFDC during his stay in China emphasizes how important he regards cooperation between the WBI and AFDC. He also indicated that, founded on successful past cooperation, the World Bank would like to seek long-term and systematic cooperation with the AFDC.