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The International Finance Corporation (IFC) Tuesday called for the private sector to have a bigger role in promoting sustainable growth of the economy of China and other emerging markets.
In the Chinese edition of the "Developing Value" report released in Beijing Tuesday evening, the IFC says many businesses in emerging markets are gaining valuable business benefits from initiatives which help progress towards sustainable development.
Peter Woicke, executive vice-president of the IFC, said the report aimed to overturn conventional wisdom by showing that it does pay for business to pursue a bigger role on cooperate governance, environmental and social issues.
The report says the evidence demonstrates that businesses can benefit by helping to achieve sustainable development objectives by saving costs, increasing revenues, reducing risk, building reputation, developing human capital and improving access to capital.
The report was composed on the basis of a joint study conducted by the IFC, British consultant company Sustain Ability and Ethos Institute, of Brazil. The study covered more than 240 case studies from over 60 countries, including five Chinese companies.
The IFC is part of the World Bank Group. It helps economic growth in the developing world by financing private sector investment, mobilizing capital in international financial markets and providing technical assistance and advice to governments and businesses.
(Xinhua News Agency October 22, 2003)
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