China taking unprecedented leadership in Dvt: World Bank Chief Jim Yong Kim

Washington: China is taking “unprecedented” leadership in the overall world of development and the country has been illustrating that it is concerned about growth, World Bank President Jim Yong Kim said on Thursday.

“The One Belt One Road project is an extremely important one for the Chinese government and also for us. The leadership that China is now taking in the overall world of development I think is unprecedented,” Dr Kim told reporters at a news conference at the start of the annual spring meeting of the International Monetary Fund and the World Bank.

“I think China has been stepping up and illustrating that it is concerned about development, not just in the neighbouring countries or even along the Old Silk Road, but globally,” he said.

Dr Kim said the World Bank was currently engaged in a major study with China on the drivers of China’s future economic growth. The Bank is also partnering with Asian Infrastructure Investment Bank (AIIB).

“There were two major projects that we’ve co-financed with AIIB in Indonesia. So our expectation is that our engagement both with the Chinese government and with Chinese efforts at development, both through their own bilateral cooperation, but also through AIIB, will only grow going into the future,” Dr Kim said.

“We have discussed at great length our approach of trying to crowd in much more private sector capital and the Chinese are very much in agreement with what we’re trying to accomplish,” he said.

The One Belt One Road (OBOR), includes a maze of  connectivity projects connecting China with Euro Asia besides the neighbourhood. It includes 21st century maritime silk road to connect China with different ports in the world as well as Bangladesh China India Myanmar (BCIM) economic corridor, which India has actively supported.