Economic Watch: China's incredible achievement all home-grown: ADB vice president

Source: Xinhua| 2018-11-01 18:25:20|Editor: mmm
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by Xinhua writer Liu Hongxia

BEIJING, Nov. 1 (Xinhua) -- What China has achieved in the last 40 years is unprecedented in human history, and all through "home-grown effort," according to the Asian Development Bank (ADB) vice president Stephen Groff Thursday.

"China has been very very focused on attention to draw in lessons, draw in experiences from around the world...adjust and apply that to specific development challenges in China," Groff told Xinhua in an exclusive interview.

"It's not just getting ideas from outside the country," he said. "It's really important how you adjust those ideas to match the needs of people in China."

At the core of China's incredible achievements lays the skillful combination of foreign financial, knowledge, and technological support with domestic reforms, sound economic management and major infrastructure investments, Groff said.

"While an idea may come from outside, it would not succeed unless the government of that country fully owns that, and adapts that concept to contextual reality in the country," he said.

"You can't impose reform on a country. For any country or individual, to say 'we did this (reform) to the country,' that's not true."

Noting he was "extremely positive" over the cooperation between the ADB and China in the last 30 years, Groff said the two sides could make a difference via further cooperation.

The ADB is scheduled to publish a book, "A Partnership Transformed," next Monday in Beijing.

"What we learn in China can be again used and transmitted to tackle challenges in the region as a whole," Groff said.

China advanced to a global ranking of 46 this year in business climate, up from 78 last year, as the country implemented the largest number of reforms in the East Asia and Pacific region, a World Bank report said Wednesday.

Groff, who is responsible for the full range of ADB operations in East Asia, Southeast Asia and the Pacific, said China was on the "right track" regarding reforms, and encouraged the country to carry on.

Speaking of the upcoming China International Import Expo, the economist said China was doing the right thing as the country shifted from export-driven growth to consumption-driven growth.

Calling it a "natural step" to cope with the transition, Groff also hailed the expo as it would provide fresh opportunities for foreign companies.

He also mentioned the China-initiated Asian Infrastructure Investment Bank (AIIB), saying the ADB and the AIIB had maintained a "very positive relationship," and there were many opportunities for "close cooperation" between the two organizations.

He said the ADB had been cooperating well and was willing to enhance engagement with China for a brighter future.