At a Glance - China and the IMF
last updated: September 2004

September 1, 2004

• China joined the IMF on December 27, 1945, as one of its 35 original members.
• People's Republic of China assumed responsibility for China's relations with the IMF in April 1980.
• For China's Governor, quota, and voting power in the IMF, see http://www.imf.org/external/np/sec/memdir/members.htm
• In February 2001, the Board of Governors of the IMF approved an increase in China's quota from SDR 4,687.2 million to SDR 6,369.2 million. As a result of the increase, China's voting power in the IMF has increased from 2.19 to 2.95 percent of total.
• China accepted the obligations of Article VIII of the IMF Articles of Agreement on current account convertibility on December 1, 1996.
• China's currency is the renminbi; its exchange rate is determined in the foreign exchange market.
• On July 1, 1997, China resumed sovereignty over Hong Kong, which became a Special Administrative Region of China.
• On December 20, 1999, China resumed sovereignty over Macao, which became a Special Administrative Region of China.

IMF Economic Policy Consultations with China

The IMF holds annual Article IV consultations on economic developments and policy issues with China. In recent years, these discussions have focussed on macroeconomic policies to cushion the impact of the Asian financial crisis and foster sustainable growth over the medium term. Other important issues have been structural reforms in the financial sector, external sector, and state enterprises. For the latest Article IV consultations, see http://www.imf.org/external/np/sec/aiv/index.htm.

Current Financial Relations

Since 1981, China has twice used IMF credits -- in 1981 and in 1986. The credits under these arrangements have been fully repaid; see table on China's financial position in the Fund .

IMF Technical Assistance

Technical assistance cooperation between China and the IMF has increased rapidly in recent years. Since 1990, technical assistance to China has taken the form of missions, seminars, and visits by experts, and has focused primarily on macroeconomic areas such as fiscal policy and tax administration, commercial and central banking legislation, development of monetary instruments and an interbank market, external current account convertibility and a unified foreign exchange market, and economic and financial statistics.

The IMF-sponsored training programs for Chinese officials included financial analysis and programming, balance of payments, public finance, government finance, and money and banking, external capital account convertibility, as well as methodologies in financial statistics compilation. In addition, many Chinese officials have attended courses and seminars at the Joint Institute in Vienna, Austria. Finally, the People's Bank of China and the IMF recently established a Joint China-IMF Training Program.

IMF Representation in China

The IMF maintains a representative office in Beijing. The Senior Resident Representative is Mr. Ray Brooks (Tel: 86 10 6505-1155, ext. 201). The Resident Representative is Mr. Steven Barnett (Tel: 86 10 6505-1155, ext. 202).