China, World Bank set up joint fund to combat poverty

World Today

PHILIPPINES-INTERNET-POVERTY-CHILDRENHomeless nine-year-old boy Daniel Cabrera does his homework on a wooden stool placed close to a fastfood restaurant to catch the light from the store in Mandaue in the central Philippines. AFP PHOTO / Joyce Torrefranca

Chinese Premier Li Keqiang met with World Bank President Jim Yong Kim in Beijing on Thursday, as the two sides agreed to set up a $50 million fund to combat poverty.

The fund, which will be operationalized this year, will be used for the purpose of financing investment projects, knowledge development and human-resource cooperation.

During the meeting, Li pledged that China would continue to work with the World Bank to promote strong, sustainable, and balanced growth of the world economy. He added that the Chinese economy was stable and performing within a reasonable range, with major economic indicators having rebounded in recent months.

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Jim Yong Kim and Jin Liqun/Photo from China Daily

Kim, meanwhile, said that the China’s economic growth had greatly contributed to the world economy and that the World Bank was appreciative of China’s resolve to push forward reform.

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Jim Yong Kim and Jin Liqun/Photo from People’s Daily

The World Bank president, who is on a three-day trip to China, also met Jin Liqun, Secretary-General of the Multilateral Interim Secretariat of the Asian Infrastructure Investment Bank. The two discussed potential cooperation between the institutions.

(Xinhua/China Daily)