China has shifted from being a recipient of international aid to a major contributor in multilateral financial cooperation, while also offering pragmatic development experiences to other emerging economies, said Zhu Xian, former vice president of the New Development Bank (NDB).
Speaking in an interview with China Global Television Network (CGTN), Zhu said he has witnessed China's transformation in international cooperation over the past four decades.
"I think that China is playing increasingly an important role in global development, including the development of financing. I happen to witness the changes over almost 40 years. At first, when China joined the World Bank and Asian Development Bank, China, mostly, was a recipient country, receiving from these financial institutions and also sometimes the concessional financing. But now China has graduated from IDA (World Bank's International Development Association), for example, from the World Bank, China has become a contributor to the IDA and the [IDA Resource] Mobilization," he said.
Zhu added that China's contribution goes beyond financing.
"Equally important is not only financing, but rather the experiences. I think over the past 40 years, China's success in development provided for the emerging market countries, developing countries [with] alternatives and development models. I think China's development experience is very pragmatic, not based on the sort of ideology. So I think that probably is also very important valuable experience to other emerging market countries," the former NDB official said.
China's pragmatic development model offers valuable lessons for emerging economies: former NDB official
