In order to support China to achieve high-quality and green development, the Asian Development Bank (hereinafter referred to as "ADB") has recently approved a new phase of national partner strategy (hereinafter referred to as "strategy") for China covering 2021-2025.

ADB's operations in China will focus on three interrelated strategic priorities: sustainable environmental development, adaptation and mitigation of climate change and aging society and health and safety. "ADB will focus on areas where greater value can be created through innovative demonstration projects and generate regional public products, knowledge and best practices that can be replicated and promoted," said Fengyoulan, chief representative of ADB's China representative

ADB proposed that from 2021 to 2025, the total commitment of ADB's sovereign loan to China is US $7.7 billion (2016-2020 is US $9 billion). The commitment to non sovereign loans remains at $450 million a year. After years of rapid growth, China has built modern physical and economic infrastructure and has risen to become the second largest economy in the world. China has announced the elimination of extreme poverty, but rapid growth has also brought new development challenges, including environmental degradation and pollution issues, and rapid aging of society.

The new strategy recognizes that the above and other challenges need to be addressed through strengthening social and economic system construction, and they also guide the direction of ADB China cooperation. ADB is committed to helping China narrow the gap with developed countries in some key institutional construction.

Meanwhile, the new strategy is consistent with the government work priorities in the upcoming "14th five year plan" in China. Both stressed the need to strengthen natural resource management to address challenges such as climate change, biodiversity loss and ecosystem destruction; promote low-carbon development; enhance social inclusion in the context of population ageing; and strengthen regional health security. In the next few years, supporting global and regional public goods is also the focus of ADB's cooperation with China.

Source: China Environmental Network