HUANGSHAN, December 8—Today, World Bank Group President David Malpass met with Premier Li Keqiang of China.
President Malpass expressed his appreciation to Premier Li for his hospitality and support for the China-World Bank Group (WBG) partnership through his tenure, including China’s significant contribution to IDA in the last replenishment (IDA20). President Malpass also expressed the condolences of the WBG upon the recent passing of former President Jiang Zemin.
President Malpass and Premier Li held productive discussions on the global economic outlook, including the risks associated with COVID-19 response measures and lockdowns. President Malpass welcomed the ongoing recalibration of China’s COVID-19 testing and quarantine requirements. President Malpass also noted the importance of a safe reopening that reduces both domestic and international disruptions while protecting lives.
President Malpass and Premier Li discussed their roles and responsibilities in supporting developing countries as they face high inflation, the effects of Russia’s invasion of Ukraine, large macroeconomic imbalances, and shortages of energy, food, and fertilizer. President Malpass highlighted the WBG’s surge response to help countries amid these multiple crises.
President Malpass and Premier Li held a detailed discussion on the burden of unsustainable debt levels in many developing countries. President Malpass and Premier Li discussed rapidly rising debt service payments that drain limited resources from spending on development priorities, including health, education, climate, and infrastructure. President Malpass emphasized the importance of promoting debt sustainability, accelerating debt restructurings, and enhancing debt transparency. President Malpass requested Premier Li’s support for China to publish more data on their debt instruments in order to help speed the debt reconciliation process.
President Malpass and Premier Li also discussed the ongoing partnership on global public goods, including marine plastic pollution reduction, environmental protection, and lower-carbon development.
