Premier Li Keqiang met with World Bank President David Malpass in Beijing on June 11.

The Premier said that China’s cooperation with the World Bank started nearly simultaneously with its reform and opening-up. Over the past 40 years, the two sides have conducted creative, open, transparent and productive cooperation in areas such as loans and knowledge, bringing benefits to both sides.

There is vast potential for further cooperation, which will help carry forward poverty alleviation worldwide, narrow the gap between developed and developing countries, and achieve sustainable development, Premier Li said.

The world economy faces increasing uncertainties and instabilities. As a participant, constructor and contributor in the current international economic and financial system, China is willing to deepen the partnership with the World Bank, release positive signals of adapting to the trend of globalization and jointly drive up global development, he said.

Noting the complex international situation and the risks and challenges facing China’s economy, Premier Li said China, as the world’s largest developing country, is willing to fulfill its due international responsibilities and obligations while handling its own affairs.

Premier Li said that China will further deepen reforms, such as streamlining administration and delegating power, and implement large-scale tax and fee reductions to spur market vitality and promote high-quality development.

The Chinese government is committed to creating a market-oriented, law-based and international business environment, which also is the requirement of China’s deepening reform and opening-up, he added.

Malpass said that outstanding achievements have been made in China in economic growth and development, a large population has been lifted out of poverty, and continued efforts have been taken to promote innovative economic development and environmental protection.

The World Bank has realized that there are still many fields in China that need to develop, and it looks forward to deepening cooperation with China in multiple fields on bilateral and global scales to achieve mutually beneficial and win-win cooperation, and promote global development, Malpass added.

State Councilor Wang Yi and He Lifeng, head of the National Development and Reform Commission, also attended the meeting.