Li said China will work with the World Bank to promote strong, sustainable and balanced growth of the world economy.
Kim said China’s economic growth has greatly contributed to the world economy.
According to Reuters, when the report was initially released this month, it included passages that criticized the country’s weak regulation of its “shadow-banking system”, as well as the existence of large debts and financially questionable investments.
World Bank president Jim Yong Kim denied Friday that his organisation had been pressured by China to remove criticism of the country’s financial system from a report.
“It did not go through the regular clearance mechanisms within the World Bank Group and when we found that it had been put up without going through the regular processes we took it down”, he said, winding up his three-day to China.
When Premier Li Keqiang met with Kim on Thursday, he voiced confidence in the China’s ability to handle the current economic challenges and continue to grow healthily. “I think it’s important to recognize that this is a relatively young stock exchange, 20 years (old)”, he said. “In situations all over the world, governments have taken different measures to reduce volatility in their stock markets”, he said.
The visit by the head of the World Bank to China comes as Chinese authorities are putting together the final building blocks for the Asian Infrastructure Investment Bank (AIIB) – which many experts say could rival the World Bank. “We plan to hold a meeting later this year in Washington D.C.to talk about specific projects in which we would be co-investors”, he said.
China is the world’s largest developing country with 1.3 billion people, and its economy is resilient and has great potential, Li said.
Citing a 50 million USA dollar trust fund China has agreed to establish with WBG to finance poverty eradication, Kim noted: “Today, there’s no question that China is increasing its role in development around the world”.
Li also briefed Kim on China’s economic situation, saying the economy is stable and improved, running within a reasonable range and major economic indicators have rebounded in recent months.
“With strong environmental, labor and procurement standards, the AIIB will join us and other development banks in addressing huge infrastructure needs that are critical to ending poverty, reducing inequality and boosting shared prosperity”, Kim added.