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China sets example for open trade, World Bank President


"And so coal was still much cheaper than solar".

Asked about recent reports that the United Kingdom government might rescind its commitment to contributing 0.7 percent of its GDP to foreign aid, Kim warned about the risky consequences that could result if rising worldwide aspirations continue to be thwarted by crisis and fragility.

The World Bank president says the issue is urgent because the world already faces serious problems with conflict, climate shock, famine, and the worst refugee crisis since World War II. We think about using our resource now as facilitating a process where owners of capital get higher return and developing countries will get an opportunity to grow their economies and create jobs ...

Lagarde told a news conference on Thursday at the opening of the International Monetary Fund and World Bank spring meetings in Washington that the International Monetary Fund saw the need to reduce subsidies and other trade distortions that limit competition, but also said "protectionist measures" needed to be avoided.

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Kim was speaking at the opening press briefing of the 2017 World Bank Spring Meetings and took a wide range of questions on issues ranging from the upcoming British snap election to Asian infrastructure projects.

Asked about the USA administration's skepticism about climate change, Kim said the World Bank will continue to work with governments and private sectors in the world to boost financing for climate change, especially in China, India and Philippines.

The World Bank will continue to work with governments and the private sector to increase financing for alternative energy, particularly in China, India, Indonesia, the Philippines, Pakistan, and Vietnam, Kim said.

"If we can change the incentives and change the way that financing for energy works in those six countries, we could potentially have a huge impact on how much carbon we put in the air".

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"We are so impressed by so many things that are happening. All right, so now the good news is that renewable source are getting cheaper", he said referring to the low price of solar. He expected China's trade with these countries to go up further in the future.

"So it's not, there is nothing imminent but we are committed to support Greece in the ways we have been supporting them now for nearly five years", he said.

"The $100 billion of grants ... that at one point was promised - I don't see it coming", Kim said.

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