The Board of Executive Directors of the World Bank Group (WBG) endorsed the Country Partnership Framework (CPF) for China for FY2020 to 2025 on December 5, 2019, emphasizing a strong yet increasingly selective engagement with China.
Over the next five years, International Bank for Reconstruction and Development (IBRD)lending will average about US$1.0-$1.5 billion per year. International Finance Corporation (IFC) investment commitment will remain $800 million to $1.2 billion annually during the same period.
The CPF will focus on three areas of engagement: advancing market and fiscal reform, promoting greener growth, and sharing the benefits of growth. The CPF will also harness China’s development experience and knowledge to benefit other developing countries, and strengthen China’s institutions and standards for high quality overseas development finance and assistance.
After 40 years of cooperation between the Chinese government and the World Bank, especially in areas of loans and knowledge sharing, the two sides have maintained a mutually beneficial relationship. As a developing country, China’s development needs World Bank’s support, and the Bank’s development also needs China’s contributions.
In the future, China is willing to continually strengthen cooperation with the World Bank, improve innovativeness, demonstration effect and added value of loan programs, promote regional and South-South cooperation, and contribute to global poverty reduction and sustainable development.
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