'World Bank can draw upon China's anti poverty model'

from The Economic Times

BEIJING: The World Bank could "shore up" its leading role in global poverty reduction drawing upon the Chinese development experience, the newly appointed Chief Economist and Senior Vice-President of the bank from the Communist giant JustinYifu Lin, said.

"This appointment is a high honour and its a historic decision for the World Bank," Lin, Professor and founding director of the China Centre for Economic Research at the prestigious Peking University, said after his appointment was announced by the World Bank President Robert B Zoellick in Washington.

"By picking a candidate from China, the World Bank will be able to better serve developing countries," Lin, who has been twice awarded the Sun Yefang, Chinas highest economic honour, was quoted as saying by the official Xinhua news agency.

He said the World Bank could only consolidate its role as a leader in the global anti-poverty movement by coming up with effective measures.

"In this regard, China can provide useful experience," said Lin, who is the first economist from a developing country to hold the post in the World Bank, succeeding Frances Francois Bourguignon who served from 2003 to October 2007.

In his statement, the World Bank chief said "As our first chief economist from a developing country, and an expert on economic development and particularly agriculture, Justin Lin brings a unique set of skills and experience to the World Bank Group."

Lin, who has a Ph.D in Economics from the University of Chicago and an MBA from the National Chengchi University, is the vice chairman of the All-China Federation of Industry and Commerce.