China, EBRD vow to build strong partnership

Chinese Premier Li Keqiang (R) meets with Suma Chakrabarti, president of the European Bank for Reconstruction and Development (EBRD), in Beijing, capital of China, Jan. 15, 2016. [Photo/Xinhua]

BEIJING -- Premier Li Keqiang said on Friday China is willing to strengthen investment and financing cooperation with the European Bank for Reconstruction and Development (EBRD).

The visit by Suma Chakrabarti, president of the EBRD, marks China's entry into the bank and opens a new chapter for their cooperation, said Li when meeting with Chakrabarti in Beijing.

On Dec. 14, the EBRD announced that its board of governors had approved a request by Chinese authorities for China to join the bank as a non-recipient country.

After going through a series of legal procedures domestically, China will become a shareholder of the EBRD.

China will work with the EBRD to provide support for cooperation between China and Europe, said Li.

He said China will resolutely push forward financial reform, boost economic growth by deepening reforms and let the market play a decisive role in allocating financial resources.

China will accelerate market-oriented financial reform and establish a regulatory framework to accommodate development of the modern financial market and guard against systemic risks, he said.

"China has no intention of stimulating exports via competitive devaluation of currencies," he said, adding that China is capable of keeping the yuan's exchange rate basically stable at an appropriate and balanced level.

Chakrabarti said China's achievements in the economic and social sectors in the past 30 years have provided experience for international development cooperation.