Multilateral development agencies will become a major channel for China to implement its Belt and Road initiatives, according to Guo Kai, deputy head of the People’s Bank of China’s International Department,
The Paper cited him as saying during the first China Finance 40 Forum, held in Yichun, in northeast China’s Heilongjiang province.
Multilateral development agencies are expected to serve as an international platform for policy dialogue, to provide relevant knowledge and experience, leverage international capital and offer practical training to the personnel of participating countries, according to Guo.
In addition, Guo said, multilateral communication, as a global convention, provides a comprehensive and legitimate approach less likely to be found in bilateral cooperation. It’s much easier for a piece of advice to be accepted by target countries when it’s offered by the World Bank or IMF than being given directly by China, Guo said.
In terms of the relation between multilateral agencies and China’s own development organizations, Guo said they are highly complementary with a clear-cut division of tasks. The latter is designed to serve national strategies while the former, led by whichever countries, isn’t subject to the will of any individual country, the official said.
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