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Remarks at China’s 1+6 Roundtable with Premier Li Keqiang

2020-11-24, Malpass, David

World Bank Group President David Malpass spoke about the broad, rapid, and affordable access to Coronavirus (COVID-19) vaccines which will be at the core of a resilient economic recovery that lifts everyone. He mentioned that the World Bank Group’s forty-year engagement with China has been mutually beneficial and continues to evolve. He thanked China for its large contribution to IDA19, which is particularly noteworthy given China’s stage of development. He highlighted on the lending relationship with China which is also evolving steadily, with a strong focus on analytical and advisory services and strong engagement from the International Finance Corporation. He expressed that China’s economy needs further reform to get the most benefit as it returns to sustained growth. China’s Coronavirus (COVID-19) economic policy response has been weighted towards supporting firms and banks and encouraging public investment, in relative terms, while direct transfers to households have been limited. Greening of China’s growth going forward should form a core objective of the fourteenth five-year plan. Regarding progress on debt relief and transparency, he mentioned that private creditors have not been participating, leaving official bilateral creditors shouldering much of the burden.

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Remarks at the 2018 Annual Meetings Plenary

2018-10-12, Kim, Jim Yong

Jim Yong Kim, President of the World Bank Group, discussed reducing poverty by using a three-pillar strategy. First, drive inclusive, sustainable economic growth by crowding in private sector investment, help countries manage debt levels, and harness the power of technology like FinTech. Second, build resilience to shocks and threats by taking urgent action on climate change, and help countries share the risks of disasters with the capital markets. Third, help countries invest more, and more effectively in their people to prepare for what is certain to be a more digitally-demanding future. He spoke in length about Human Capital Index.

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Remarks at the Second Investing in Africa Forum

2016-09-07, Kim, Jim Yong

Jim Yong Kim, President of the World Bank, discussed the partnership to promote development, investment, and multilateral cooperation in Africa. There are ample opportunities to accelerate growth, productivity, and Africa’s economic transformation. He pointed to four key things: first, close the large gap in infrastructure -- in roads, energy, water, sanitation, broadband, and transport; second, make agriculture more productive; third, improve the fundamentals needed to accelerate industrialization; and fourth, invest in people – in health and education – which is increasingly vital in the digital age. He believe the partnership will continue, and this relationship will help millions of people lift themselves out of poverty and realize opportunities for a better life.

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Creating Opportunity and Prosperity in East Asia

2015-05-21, Kim, Jim Yong

Jim Yong Kim, President of the World Bank Group, discusses the opportunities and challenges facing the economic development of Indonesia and East Asia, and how the World Bank Group can help end extreme poverty and foster share prosperity more widely in the region. He remarked that the progress most admired about Indonesia is its accomplishment in reducing extreme poverty. The Group has aligned its work with two goals -- to end extreme poverty by 2030 and to boost shared prosperity for the bottom 40 percent of the population in low- and middle-income countries. The Program Nasional Pemberdayaan Mandiri, or PNPM, has helped distribute the gains from this growth more equitably across the population. He concludes saying that, we can make sure your successes help build a more just and equal world.

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Remarks at the Virtual 24th ASEAN Finance Ministers’ Meeting in Hanoi, Vietnam

2020-10-02, Malpass, David

World Bank Group President David Malpass spoke about the Coronavirus (COVID-19) pandemic, and the economic shutdown of the advanced economies, which will result in the first major recession in ASEAN countries since the 1997 Asian financial crisis. He described how in East Asia and the Pacific, the World Bank Group has been taking broad and fast action to support developing countries in the face of this pandemic. He announced earlier this week that he had proposed to the Board to make available up to twelve billion US dollars of fast-track financing to countries for the purchase and deployment of Coronavirus (COVID-19) vaccines. He urged the G20 to extend the debt moratorium through 2021 and to consider further options for debt reduction, resolution, and increased transparency. He described the Coronavirus (COVID-19) impact on trade and global value chains, which is critical to the region’s growth prospects. He believed that prospects for the East Asia and Pacific region show room for positive outcomes. He concluded by saying that, continued international cooperation to maintain an open and rules-based trading system will be essential for achieving a sustainable and inclusive global economic recovery.

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Speech at the Session on China’s Economy, Promoting Reforms in Major Areas, and Accelerating the Shift in Driving Forces for Development

2017-09-12, Kim, Jim Yong

Jim Yong Kim, President of the World Bank Group (WBG), offered several strategic considerations for China. First, for the foreseeable future, removing distortions and accelerating diffusion will remain major sources of growth. Getting the basics right – structural reforms in key markets, further improving the broader business environment, ensuring fair competition, and investing in broad-based skills of the labor force – should help drive growth. Second, China should consider how to balance industrial policies with the notion of the third plenum, that the market should play a decisive role in resource allocation. Third, like other countries, China needs to prepare for how technological change will impact the labor force. He concluded by saying that China’s leadership has been critical to promoting an open, competitive global economy.

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New Approach to Economic Challenges

2016-07-24, Kim, Jim Yong

Jim Yong Kim, President of the World Bank, spoke about economic challenges requiring a new approach. Growth forecasts are modest and risks are increasing. The reform agenda includes fiscal and monetary policies to support demand, more investment in infrastructure, further integration in the world economy, structural reforms in labor markets, the financial sector, and the business climate to better allocate resource, and investment in innovation systems to accelerate technical change. One key drivers of discontent is rising inequality. The productivity slowdown and rising inequality are related. The challenge is to create wealth with reasonably equal distribution to sustain the momentum for reform. This will require active labor market policies and retraining. We will need infrastructure that connects people. We need to invest more in people. Concessional finance can provide the leverage for these reforms. We need to commit to creating a world in which truly there is equality of opportunity.

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Forty Years of Reform and Poverty Reduction: Remarks at the International Forum on China’s Reform and Opening Up and Poverty Reduction

2018-11-01, Kim, Jim Yong

Jim Yong Kim, President of the World Bank Group, spoke about the following: i) understand China’s journey and get the historical record right; ii) understand China’s past reforms, because they are important for future reforms; iii) understanding China’s reforms is increasingly important for the rest of the world; iv) china’s reform and opening up program, which was the foundation for the rapid growth that allowed people to lift themselves out of poverty; v) a focused and sustained effort targeted at poverty reduction throughout the reform period.

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Remarks at the Belt and Road Forum for International Cooperation

2017-05-14, Kim, Jim Yong

Jim Yong Kim, President of the World Bank Group, is inspired by Belt and Road Initiative, which will improve trade, infrastructure, investment, and people-to-people connectivity – not just across borders, but on a trans-continental scale. It has the potential to lower trade costs, increase competitiveness, improve infrastructure, and provide greater connectivity for Asia and its neighboring regions. To ensure the Belt and Road Initiative’s success, we need to remember these things: First, because of the Initiative’s sheer size, the estimated investment needs will be large. Second, individual countries are at different stages of development, with varying capabilities, constraints, and risk profiles. They will need support mechanisms to define and meet consistent, satisfactory standards. Third, the benefits of the Belt and Road Initiative are broader than one project or one country. Projects will require innovative financing mechanisms – a mix of public and concessional finance and commercial capital. Finally, our decades of experience with large infrastructure projects suggest that project preparation and appropriate risk allocation will be critical for success.

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Opening Remarks at Press Conference in Beijing, China, July 17, 2015

2015-07-17, Kim, Jim Yong

These remarks delivered by Jim Yong Kim, President of the World Bank Group, discuss the Chinese economy, China's global role in development, and the latest report on health care reform. He appreciated China, that remains the largest contributor to world growth since the global financial crisis. He talks about the progress made by China in several reforms, including lower credit growth, better regulation of shadow banking, and better management of local government borrowing and these reforms hold the key to its continued economic success. He addresses huge infrastructure needs that are critical to end poverty, reducing inequality, and boosting shared prosperity in the world and China's committment to support financially for the same. He concludes by talking about more efficient health care system in China that will lead to a healthier population, boost economic growth and become an engine for job creation.