BEIJING - China's Ministry of Finance and the World Bank Group on Tuesday signed a Memorandum of Understanding on the establishment of a knowledge hub to spread China's experience in development to other nations.

Xie Xuren, minister of finance, said at the signing ceremony that he hopes the hub will become an open center for developing countries to learn from each other.

"Developing countries face the common task of achieving sustainable development. We must choose our development paths in accordance with national conditions. Only in this way can we boost economic growth, reduce poverty and enjoy prosperity," said Xie.

"China has lifted 600 million people out of poverty in the last 30 years, and the demand is growing among other developing countries to learn from its remarkable progress," said World Bank Group President Jim Yong Kim.

The knowledge hub will play a key role in making China's experiences available to the world and will further the bank's mission to end extreme poverty and build shared prosperity, he said.