VP Zhang Wencai of ADB delivered lecture in AFDI
Vice President of Asian Development Bank (ADB), Dr. Zhang Wencai visited Asia-Pacific Finance and Development Institute (AFDI) on April 11th. During his visit, VP Zhang Wencai addressed the faculty and international students of Shanghai National Accounting Institute/AFDI on the Present and Future of Regional Economic Cooperation in Asia and Pacific.
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For Asia and the Pacific region, there are many opportunities for Regional Economic Cooperation, while the challenges remain, said VP Zhang. The economic development of Asia and the Pacific has laid solid foundation for regional cooperation. The development of private sectors and the advance of ICT technology have also given impetus to the global and regional integration process. Meanwhile, unbalanced development of regional and sub-regional cooperation, the rise of protectionism and anti-globalization movements, lack of overall coordination mechanisms and other challenges have casted shadow on the future cooperation for the region.
With the mission of reducing poverty and promoting prosperity in the Asia-Pacific region, ADB is committed to enhancing Regional Cooperation and Integration (RCI). VP Zhang added, ADB’s Strategy 2020 has set a 30% overall target for RCI-related ADB operations by 2020. Four Pillars of ADB’s RCI Strategy include Infrastructure, trade and investment, money and finance, and regional public goods.
For the next steps of Regional Economic Cooperation in Asia and the Pacific, VP Zhang said future cooperation will focus on trade and investment facilitation, financial cooperation, policy dialogues, Public-private partnership and other sectors. VP Zhang also emphasized the importance of knowledge sharing and capacity development in promoting Regional Economic Cooperation, and called for closer cooperation in this area between ADB and AFDI.
