Asian Development Bank (ADB) President Masatsugu Asakawa and People's Republic of China (PRC) Premier Li Qiang discussed opportunities to strengthen collaboration on climate change and development priorities during a meeting in Beijing.

The close partnership between ADB and the PRC is focused on green development, climate adaptation and mitigation, environmental protection, and improving elderly care services. All ADB efforts in the country are aligned with its country partnership strategy for the PRC, 2021–2025. Mr. Asakawa commended the PRC's climate ambitions and targets, including its aim to reach carbon peaking before 2030 and to achieve carbon neutrality before 2060. 

“ADB fully supports the PRC's acceleration of its climate goals. Our project pipeline in the country reflects our strong emphasis on building climate mitigation and resilience approaches that can be shared and replicated across the region,” Mr. Asakawa said. “As the climate bank for Asia and the Pacific, we look forward to deepening our collaboration to address this critical challenge facing our region.” 

Mr. Asakawa also held discussions with Minister of Finance and ADB Governor Liu Kun, President of the Development Research Center (DRC) of the State Council Lu Hao, Vice Chairman of the National Development and Reform Commission Cong Liang, Asian Infrastructure Investment Bank President Jin Liqun, and Chairman of the Export–Import Bank of China Wu Fulin. 

Mr. Asakawa and Mr. Lu witnessed the signing of a memorandum of understanding for ADB and the Center for International Knowledge on Development of the DRC to conduct a joint flagship study on “high-quality development” in the PRC. The study will develop policy recommendations on the PRC’s approaches to achieving high-quality development, emphasizing innovation, coordination, green, open, and sharing as the core components of development to improve people's standards of living.

The PRC is an important contributor to ADB operations. Since 2005 it has provided $276.6 million to the Asian Development Fund, which provides grants to ADB's poorest and most vulnerable developing member countries, and $90 million to the PRC Poverty Reduction and Regional Cooperation Fund, which supports the process of poverty reduction, regional cooperation, and knowledge sharing in Asia and the Pacific.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.