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467 82 A Conversation with Moeen Qureshi, Senior Vice President of the World Bank, and Delegation1 April 8, 1990 ZRJ: The World Bank has cooperated very well with Shanghai all along, and we place great hope in the prospects for our future cooperation. Shanghai has already prepared cooperative projects that would utilize several hundred million dollars from the World Bank. Some of these have already been evaluated while others are currently being evaluated. Now everything is ready and we are only waiting for one thing. Sir, I wonder what good news you’ve brought to Shanghai this time? Qureshi: This China trip of mine is a very important one, and I was very pleased to meet with Chinese leaders in Beijing; my coming to Shanghai is also part of my China itinerary. Shanghai has played an extremely important role in China ’s reforms and opening up of the past decade, and I look forward to further cooperation between Shanghai and the World Bank. Before this, my colleagues already discussed with Shanghai several major projects that would directly use World Bank loans, and we hope these projects will be implemented as soon as possible. I also know that Shanghai has several very important industrial technology upgrading projects that are awaiting discussion and approval by our board. We are also preparing to cosponsor a symposium with Shanghai to specifically discuss the topic of Shanghai’s development strategy, including how it will bring together people, materials, and various resources for construction; we will also discuss what role the World Bank can play in this process and how the bank should play it. Shanghai is my last stop on this trip and I hope to learn more from it. I’d therefore like to ask you three questions: First, which direction will Shanghai’s enterprises take as they reform? Second, your economy is currently stable, but what direction will your financial and foreign trade sectors take to meet the 1. On April 8, 1990, Zhu Rongji met with Moeen Qureshi, senior vice president of the World Bank; Shahid Javed Burki, World Bank country director for China; and Edwin Lim, the World Bank’s chief representative in China. Zhu_Shanghai Years_1987-1991_hc_9780815731399_i-xii_1-620.indd 467 12/26/17 12:01 PM 468 A Conversation with Moeen Qureshi, Senior Vice President of the World Bank needs of a market economy? Third, this March, you convened the International Business Leaders Advisory Council to the Mayor of Shanghai (IBLAC). What was the attitude of these advisers regarding Shanghai’s development? What next steps do you plan to take? And how will you attract foreign investment to Shanghai? ZRJ: I’m more than happy to answer your questions. When Premier Li Peng met with you, he stressed that China is stable politically and economically, and that the various reform policies of the past 10 years will not change. I’ll now answer your questions by describing the situation in Shanghai and linking it to those two aspects that Premier Li discussed. Your stay in Shanghai is very brief, but you can see that it is politically, economically, and socially stable. Most important is that the fear of inflation among the people has been dispelled, and their confidence in the Party and government is stronger than before. Now we’re not worried about shortages in the markets; we’re worried about weakness in the markets. Shanghai’s markets have an abundance of goods for people to choose from as they please, and the prices of these goods are stable. In particular, the supply of non-staples in Shanghai is probably the best among major Chinese cities. All this shows that the rectification program we have been implementing over the past two years was correct, and it is already showing results. Of course some problems remain, such as negative growth in production, but the degree of negative growth isn’t very large: production in the first quarter of this year was about 1% lower than in the same period last year. The main reason for this problem is that production grew too quickly in the past, while there were major deficiencies in the industrial structure. Over the past few years, we developed a large number of industries that produced durable goods, so after the money supply was tightened and market demand fell due to rectification, these industries ran into difficulties. Some of them had to halt or semi-halt production, which affected the industrial growth rate. But only about 2% of...


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