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The president of the World Bank, Robert Zoellick, will start a 5-day visit to China tomorrow (Thursday). In an exclusive interview with him on the eve of his trip, Zoellick said that the World Bank will continue to work with China to aid the world's second-largest economy's future growth and set an example for other nations.
Robert Zoellick says China is undergoing outstanding development. He says the nation's current growth pattern began 10 years ago, when China was vying to become a member of the World Trade Organization. Back then, the developing country promoted its export and investment-led growth through foreign trade. But now, both China and the World Bank recognize the world's second-largest economy needs to think carefully about its future growth, during the 12th 5-year program.
Robert Zoellick, President of World Bank said "This pattern is very successful during the past 10 years. But now Chinese policymakers are wondering whether the same mode is good for the next 10 years. This is an interesting question. The World Bank hopes to discuss with its Chinese peers how to transfer from planning to carrying out."
During his visit to China, Zoellick will participate in seminars with other experts to evaluate the country's growth. He'll then try to provide draft suggestions for development before the end of the year.
Zeollick says many countries are showing signs of slowing, ceasing growth, or even contraction recently. He points out, working with China on this issue could provide more guidance for those nations.
Robert Zoellick said "We could get some experience about avoiding the middle-income trap, and recommend it to other developing nations. Many emerging markets face the same problem. This kind of project is a reflection of the partnership between China and the World Bank. That's not only good for China, but also to other countries."
Since Zoellick took the helm at the World Bank, he's chosen one region for intensive research during each visit to China. Previously, he travelled to southeastern Sichuan and Guizhou Province. This time, he's set to visit northeastern Helongjiang Province to take a look at local agricultural development. With food safety becoming a key issue both in China and around the world, Zoellick says the World Bank wants to hear what China has to say on the matter.
In terms of the relationship between China and the World Bank, Zoellick believes it's not just limited to the financial sector.
Robert Zoellick said "The relation between World Bank and China is not just about finance. It's applying global experience and knowledge to China's development, and improving it."
Zoellick's first term as President of the World Bank will end in 2012. He stresses that regardless of whether he extends his tenure, cooperation between China and the World Bank will go on.