ADB's next head Asakawa open to dialogue on phasing out aid to China

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The Asian Development Bank (ADB) must be ready to discuss whether to phase out a...

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TOKYO - The Asian Development Bank must be ready to discuss whether to phase out aid to high- and medium-income borrowers like China, the institution’s next president Masatsugu Asakawa said.

“Deep-rooted, structural problems have led to a gradual decline in China’s potential and real economic growth. A slowdown in Chinese growth is unavoidable,” he told Reuters. That has led some to say it should no longer receive loans from the ADB, a Manila-based multilateral lender whose aim is to lift hundreds of millions of Asians out of poverty.

“It depends on how discussions unfold,” he said, when asked whether ADB aid to China could soon be phased out.

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