Xie Xuren addresses opening session of ADB

The 41st annual meeting of the Asian Development Bank has opened in the Spanish capital of Madrid. Senior finance officials and heads of financial instructions from more than 60 member countries are attending the meeting. China's Finance Minister, Xie Xuren, is leading the Chinese delegation and he addressed Monday's opening session.

Xie Xuren said economic development in the Asia-Pacific region has been stable and robust in recent years. But the recent price hikes in food and crude oil prices are adding uncertainty to the prospect of the global economy. Under such circumstances, the Asia-Pacific region is facing new challenges and realizing the UN Millennium Development Goal in the region remains an arduous task.

Xie Xuren stressed that the Asian Development Bank should continue upholding poverty elimination and development as its two fundamental goals. He also proposed that the ADB should work out a long-term strategic framework to help boost the regional economy and ensure the reliable funding and human resources to maintain the framework.

The ADB was set up in 1966, and is a multilateral organization dedicated to boosting economic and social progress in the Asia-Pacific region. China is the bank's third largest share-holder.