On Sept 23, Vice Minister of Finance Liao Min attended the opening ceremony of the East Asia Forum 2025, hosted by the Asian Development Bank (ADB), and delivered a speech. 

Liao shared China’s experience and practice in promoting high-quality development through innovation, and offered suggestions for deepening cooperation between China and the ADB. 

Liao noted that since the 1980s, many Asian countries including China have adopted an export-oriented development model amid economic globalization, achieving rapid development. However, with profound changes taking place in global economic landscape and trade environments, the traditional development model has become unsustainable, said Liao. He emphasized the need to transform it into a new model driven by innovation. 

Liao stressed that over the past decade, China has embarked on a new journey toward high-quality development under the guidance of new philosophy featuring innovative, coordinated, green, open and shared development proposed by President Xi Jinping. In the process, China has given full play to the decisive role of the market in resource allocation，supported enterprises in pursuing innovation and achieving remarkable results, enhanced the role of the government in creating an enabling innovation environment, and actively deepened international cooperation, thereby contributing Chinese solutions to global science and technology governance, Liao noted. 

Liao stressed that China is willing to strengthen its cooperation with the ADB and increase the sharing of knowledge and experiences to jointly support developing economies in Asia in achieving high-quality development. 

After the opening ceremony, Liao held a bilateral talk with ADB Vice President Scott Morris. The two sides exchanged views on topics including China’s cooperation with the ADB.