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China to Continue Borrowing from the Asian Development Bank for Another Five Years
The Asian Development Bank (ADB) and the government of the People’s Republic of China (PRC) have apparently agreed on a new five-year country partnership strategy to guide the bank’s support to the country through the middle of the decade. (ADB reports that it has “generally endorsed” the strategy).
The strategy aligns with priorities under the PRC’s 14th Five-Year Plan, including natural resource management to combat climate change, biodiversity loss, and ecosystem damage; low-carbon development; social inclusion in the context of population aging; and regional health security. It is also designed to support the government’s objectives to achieve peak carbon emissions by 2030, and carbon neutrality by 2060.
Under the strategy, the ADB will share knowledge to assist in the PRC’s further development, while sharing the country’s development lessons with other low- and middle-income countries in Asia and the Pacific. ADB says that it will target areas where it can add value through innovative demonstration projects that generate regional public goods, knowledge, and best practices for replication.
In response to pressure from the United States and other wealthy ADB shareholders that question continued lending to the PRC, the new strategy will reduce lending…
