JEJU, South Korea, May 16 (Xinhuanet) -- Experience shows that poverty reduction cannot be achieved without economic development,said Finance Minister Jin Renqing at the ADB annual meeting here Sunday.

    The economic development of the d eveloping nations in the region is important to the achievement of the goal, therefore, "making the pie bigger is the key" to the reduction of poverty, said Jin in a speech at the second day of the annual meeting of the 37th Board of Governors of the Asian Development Bank (ADB).

    China has scored great achievements in economic and social development since 1980s. The number of its rural poor was reduced from over 200 million in 1978 to 29 million in 2003 measured with its own poverty line, he said.

    The country has kept a strong growth for years. "The rapid economic growth provides a fundamental guarantee for its poverty reduction" in the country with a population of 1.3 billion people,the minister said.

    The Chinese government has mapped out a concept of comprehensive, coordinative and sustainable development that puts people first, a concept that highlights a balanced development between the urban and rural areas, among different regions, between the economic and social progress, man and nature, and domestic growth and opening-up, he said.

    "The sustainable development strategy provides a sound policy environment and institutional guarantee for the domestic poverty reduction," said Jin.

    He said Asia's stable economic growth offers a favorable condition for developing countries to achieve poverty reduction, but as two-thirds of the world's poor live in the Asia-Pacific region, the regional members should keep closer relations with theADB and other international financial institutions to confront such a formidable challenge.

    After years of study and practice, the ADB has transformed its development philosophy, renewing its attention to the core role ofeconomic growth in poverty reduction.

    Facing the challenge of poverty reduction, he suggested the ADB further adjust its assistance strategy and actively support the infrastructure and pro-poor projects.

    It should also simplify its business process, enhance its efficiency, institutionalize its operations and work out more innovative assistance products, he added.

    He said China has always attached great importance to its cooperation with the ADB. It will explore new areas of cooperationin lending with the ADB in accordance with the requirement of balanced development.

    "We will actively participate in and support the Central Asia and Greater Megong Sub-region cooperation mechanisms initiated by the ADB," the Chinese minister said.

    "We have also decided to donate to the ADF (Asian Development Fund) and make our due contribution to enhancing the regional capacity in poverty reduction and development," though China is still faced with a daunting task of development and poverty reduction and continues to be a borrower of the World Bank, the ADB and some other international financial institutions, said Jin.Enditem