ADB President Discusses PRC Reforms

BEIJING, PEOPLE'S REPUBLIC OF CHINA (25 March 2025) — Asian Development Bank (ADB) President Masato Kanda met with Premier Li Qiang during his first official visit to the People’s Republic of China (PRC), discussing the government’s reform efforts as it transitions to high-quality development.

"The PRC’s ongoing transition to high-quality development is crucial to the country’s inclusive growth and lasting prosperity,” said Mr. Kanda. “But the path forward is not without challenges. It demands a careful rebalancing of the economy, with efforts to boost domestic demand and household consumption through rising incomes. It also requires actions to stabilize the property sector with demand-side and supply-side measures, and to empower the private sector by providing a level playing field.”

During his visit, Mr. Kanda toured ADB-supported project sites in Jiangsu Province, including the Dafeng Milu Deer National Nature Reserve and the Yancheng Rare Birds National Nature Reserve, both part of the UNESCO-listed Yancheng Wetlands. These initiatives exemplify successful biodiversity conservation and sustainable economic development, combining ecological protection with economic empowerment through sustainable ecotourism, community resilience, and environmental stewardship.

Mr. Kanda also held meetings with National Development and Reform Commission Chairman Zheng Shanjie and Finance Minister Lan Fo’an, discussing further cooperation on fiscal sustainability, debt management, regional knowledge sharing, and strategies for sustained economic growth. In addition, he addressed the China Development Forum, noting that accelerating the pace of rebalancing will be critical for the PRC’s transition to high-quality development.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.