长沙：樱花湖畔游人众（组图）

The PRC navigated a complex socioeconomic landscape in 2024 including challenges in the real estate market, heightened trade tensions, and severe climate-related disasters. However, robust exports and supportive monetary and fiscal policies sustained economic growth. Assistance from the Asian Development Bank (ADB) continued to promote high-quality green growth and climate resilience, focusing on biodiversity conservation, decarbonized development, and nature-based solutions.

Sovereign operations. As of 31 December 2024, ADB has committed 1,238 public sector loans, grants, and technical assistance totaling $45.2 billion to the PRC. ADB’s current sovereign portfolio in the PRC includes 72 loans worth $11.79 billion.

ADB commenced several projects in the PRC in 2024. The bank committed a $197.6 million loan equivalent to establish a finance system for decarbonizing industrial parks, aiming to reduce 900,000 tons of carbon dioxide (CO₂) emissions annually by 2032. The project will fund renewable energy, biogas, organic fertilizer, and biomass heat supply subprojects, benefiting 1.5 million people and supporting 25 enterprises (including 8 led by women).

In Ningbo City, Zhejiang Province, ADB committed $203.2 million equivalent to create a green insurance and guarantee system to finance energy-saving projects, targeting a reduction of 750,000 tons of CO₂ emissions annually by 2030. This initiative will support low-carbon technologies in micro and small enterprises, particularly those led by women, and improve air quality for 9.6 million residents.

ADB also committed a results-based lending program of $195.4 million equivalent in Chongqing Gaoxin District. The program will benefit 840,000 residents and reduce CO2 emissions by 206,538 tons annually by 2030 through establishing green and low-carbon urban infrastructure and services, implementing nature-based solutions for urban ecology and climate resilience, and enhancing institutional capacity and human capital for green and low-carbon urban development.

As the first investment under the Regional Flyway Initiative, ADB committed a $146 million equivalent for restoring the South Dongting Lake in Hunan province. The project aims to restore nearly 12,000 hectares of nature reserves, habitats, and wetlands and establish an eco-compensation mechanism to incentivize farmers to adopt eco-friendly farming and aquaculture practices.

ADB also committed $150 million to enhance biodiversity conservation and climate resilience in Qixia City, Shandong Province. The project aims to restore aquatic ecosystems and provide technical advice for climate-smart production to 200,000 farmers, half of whom are women. It will also improve services, livelihood opportunities, and flood and drought risk management for 429,000 people.

Nonsovereign operations. Total outstanding balances and undisbursed commitments of ADB’s nonsovereign transactions in the PRC as of 31 December 2024 amounted to $1.06 billion representing 8.22% of ADB’s total private sector portfolio.

ADB is enhancing health care in the PRC, mobilizing $5 million in private sector financing to consolidate the benefits of an ongoing elderly care demonstration project in Yichang municipality, Hubei Province. Under the transaction, a private operator will manage two modern facilities with 1,200 beds, reserving 20% for financially disadvantaged patients.

ADB is expanding vocational education with a nonsovereign loan of $59 million equivalent to the Yantai Institute of Science and Technology for a climate-adaptive campus, and $39.3 million equivalent to China Education Group Holdings Limited to refinance operations. Through its new facilities, Yantai will offer new courses in health services, robotics, automation, and intelligent manufacturing.

A golden monkey in Shaanxi Rare Animal Rescue Center, one of the project sites for Shaanxi Qinling Biodiversity Conservation and Demonstration Project. Photo: ADB

ADB provided a $54.2 million loan equivalent to Huaneng Tiancheng Financial Leasing Company Limited for distributed wind energy projects, aiming to avoid 250,000 tons of greenhouse gas emissions annually.

ADB signed a $50.5 million loan equivalent with Canvest Environmental Protection Group Company Limited to build a waste-to-energy plant in Huizhou City, Guangdong Province, and expand services in Quyang County, Hebei Province.

ADB also invested $40 million in a private equity fund to support up to 30 early-stage companies in health care, technology, enterprise solutions, and consumer sectors.

Cumulative disbursements. Cumulative sovereign and nonsovereign loan and grant disbursements to the PRC amount to $38.15 billion. These were financed by regular ordinary capital resources and other special funds.

Operational challenges. Operational challenges persist in less developed regions in the PRC due to weaker institutional capacity, fiscal constraints, and high local public debt levels. Addressing emerging issues such as scope changes, loan savings, and challenges in financial intermediation loans requires targeted training and clear guidelines. Regular performance reviews and stakeholder consultations remain critical. Strategic capacity building and institutional strengthening have played a key role in enhancing performance and should continue to support further improvements.

Additionally, the economic and social profitability of ADB-financed projects and the attraction of greater private sector participation are shared goals between ADB and local governments. Private sector enterprises continue to face challenges in green transitioning, which requires ADB to strengthen its cooperation with the PRC to ensure high-quality and sustainable development in the private sector.

Knowledge Work

ADB and the PRC continued to strengthen knowledge cooperation, including support from the ADB-PRC Regional Knowledge Sharing Initiative. In 2024, ADB hosted the East Asia Forum in which participants from 18 ADB members discussed the ADB-PRC evolving partnership; climate change, nature conservation, and energy transition; and the role of artificial intelligence.

ADB and the United Nations Office for Disaster Risk Reduction cohosted a forum to promote regional knowledge exchange on urban resilience.

A report titled Echoes of Success shows how five ADB projects in the PRC have been replicated locally and internationally. A brief titled Innovations in Information and Communication Technology?Enhanced and Competency-Based Education: Experience from Gansu Province, People’s Republic of China shares successful examples of how creative uses of technology can boost primary education. ADB also published a paper, Integrated Approach for Cost-Effective Disaster Risk Management, developing a cost-effective disaster risk management framework. Other knowledge products focused on biodiversity conservation and ecological protection.