China suggests principles for effectiveness of WB's governance, anti-corruption

Jin Renqing, Minister of Finance of China, brought up six principles here Monday to ensure the effectiveness of the World Bank's governance and anti- corruption campaign.

Jin said at the 74th World Bank Development Committee meeting that whether the Bank is able to accomplish substantively on governance and anti-corruption agenda hinges on whether the right strategy and approach are in place.

In his speech, Jin said that the World Bank should abide by the principle of non-politicization, stick to development as the Bank's core mission, and respect country ownership.

He also called on the World Bank to evaluate its governance with results on the ground.

"The effectiveness of Bank's governance strategy will have to be evaluated and tested based on its actual contribution to a country's economic development, social stability and improvement in people's livelihood," said Jin.

Other principles include focusing on areas where the Bank has comparative advantage, and leading by setting the example.

He also urged the world bank strengthen Bank group engagement with International Bank for Reconstruction and Development (IBRD) partner countries, calling it "an issue of strategic importance."

"This is essential for the Bank to effectively fulfill its mandate of promoting global development," he said.

Jin also called on international community to push for substantial progress to ensure global energy safety and arresting global climate change.

The Development Committee, the World Bank's policy-setting body, held its 74th meeting in Singapore Monday. Participants will focus on topics like the governance and anti-corruption, relationship of World Bank with donors.

Source: Xinhua