Press Release: IMF Managing Director Meets Senior Chinese Officials and Participates in China Development Forum

March 18, 2012

Press Release No. 12/93
March 18, 2012

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today concluded a two-day visit to China, where she made the following statement in Beijing:

“It has been a great pleasure to be back in China. I had the privilege of meeting with the Executive Vice Premier Li Keqiang and Vice Premier Wang Qishan. I also had productive discussions with People’s Bank of China Governor Zhou Xiaochuan and other senior officials.

“In a still uncertain global economy, China remains a bright spot. China demonstrated leadership and policy skills when the global crisis occurred. Indeed, the global economic situation might have been much worse had it not been for the impetus that China provided to growth and stability.

“While the global economic outlook is certainly less gloomy than when I was here last November, there are still major economic and financial vulnerabilities we must confront. There is not a great deal of room for maneuver and no room for policy mistakes.

“The global context reinforces the importance of China continuing to forge ahead—by maintaining a prominent role in global policy discussions and by sustaining efforts to accelerate the transformation of the Chinese economy.

“I am encouraged that the Chinese authorities are focusing, not just on the level of growth, but on growth that is more widely shared across the entire population, as underscored by the policy agenda in the recent 12th Five Year Plan.

“Such a comprehensive package of policies, as well as investment in the social sectors, will help China shift toward consumption-led growth, strengthen the economy to face future challenges and lead to more inclusive growth for all the Chinese people.

“In my meetings with the authorities, we exchanged views on China’s important leadership role in the IMF, and on the collective effort which has been supported by the G20 in Cannes to strengthen the Fund’s resources. We also discussed how the international monetary system could be enhanced through further strengthening policy coordination, particularly in the context of G20 process, to ensure a strong, sustained and balanced global growth.

“I was also honored to speak at the China Development Forum, where I exchanged views with policymakers, academics, and private sector representatives from around the globe on critical issues facing the world today, including macroeconomic stabilization, financial sector reform, growth and employment.

“I would like to express my gratitude to the Chinese government and people for their gracious hospitality. I look forward to visiting China again in the near future.”


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