China to create more attractive investment, business environment

China will continue to significantly relax market access, and create a more attractive investment and business environment, Chinese Finance Minister Liu Kun has said.

Liu made the remarks when attending a ministerial-level luncheon during the 99th Development Committee meeting held by the World Bank and the International Monetary Fund on Friday and Saturday in Washington D.C., according to China's Ministry of Finance.

[File Photo: IC]

Vice Finance Minister Zou Jiayi attended a ministerial-level meeting and gave a speech.

The Chinese finance minister said that with international development and cooperation facing severe challenges, the World Bank as the world's most important multilateral development institution should adhere to the principle of multilateralism, support all parties in jointly supporting the rules-based multilateral trade system, firmly follow the purpose of serving all member countries, and adopt differentiated, targeted aid strategies based on their respective national conditions.

Speaking of the Chinese economy, Liu said, China is accelerating its transition from high-speed growth to high-quality development, as its economic structure continues to upgrade, and new momentum sustains remarkable growth.

China has adopted a proactive fiscal policy this year with greater intensity and enhanced efficiency, rolling out substantial tax cuts and fee reductions, and its economic growth in the first quarter has gotten off to a good start, Liu said.

The minister said his country will continue to significantly relax market access, enhance the protection of intellectual property rights, and carry out larger-scale tax cuts and fee reductions, so as to create a more attractive investment and business environment.

On the sidelines of the Development Committee meeting, Liu met with David Malpass, the new World Bank president, as scheduled.

Noting that there is great potential for China to cooperate with the international lender, Liu said China is willing to continue deepening its cooperation with the World Bank on loan programs and knowledge-sharing.

China looks forward to cooperating with the multilateral development institution in such areas as improving the business environment, sharing China's experience in poverty alleviation, and jointly establishing a high-standard multilateral development and financing cooperation center, Liu said.

Meanwhile, China hopes the World Bank continues loan cooperation with China in accordance with established rules, making it more innovative and a better model for such projects, and increasing its added value, Liu said.

For his part, Malpass praised China's great achievement in alleviating poverty, noting that its experience is worth sharing.

The World Bank, Malpass said, is willing to work constructively with China on areas including pollution prevention and control, green development, and coping with climate change.