Countries in the Asia- Pacific region need to strengthen cooperation and explore a development path suitable for the region to meet their challenges, said Chinese finance minister Friday in HYDERABAD, India.

The Asia and Pacific has maintained stable economic growth in the past year and has good development prospects, said the minister, Jin Renqing, at the 39th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB).

However, the unbalanced economic and social development and severe poverty in the region indicate that it will be challenging to meet the Millennium Development Goals (MDGs) as scheduled, said Jin, who is one of the governors of ADB.

He said in recent years, regional cooperation has attracted great attention and the strong support of all the parties concerned. And the ADB has made great efforts in this regard.

"The Government of the People's Republic of China has always been an active facilitator of regional cooperation," said the Chinese minister.

On ADB's future operations, he suggested that ADB vigorously mobilize financing for development and expand the scale of its assistance.

"In order to help developing countries in the region fulfill the MDGs as scheduled, ADB should work more closely with the rest of the international community and other development organizations, and mobilize considerable funds for development," he said.

The ADB should continue to intensify its policy and institutional reforms to improve its policies on technical assistance, operational procedures and loan products to make them more consistent with borrowers' demands, he said.

On the regional cooperation, Jin called for ADB's efforts. "It is hoped that ADB will continue to play a role as a facilitator and financier."

He said the regional finance institution should give full play to its strengths as a multilateral institution and do more coordinating work, so as to promote deeper regional cooperation.

The Chinese finance minister said China attaches great importance to sound cooperative relations with ADB.

Source: Xinhua