IMF Office in People's Republic of China

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Resident Representative for People's Republic of China

C. Marshall Mills
Senior Resident Representative in China

Office Information

Room 1806, East Tower, Twin TowersNo. B12, Jianguomenwai AvenueBeijing 100022, P.R. China
Email: RR-CHN@IMF.ORG
Phone: +86 10 6505 1155
Fax: +86 10 6505 8580

At a Glance - China and the IMF

Current IMF membership: 191 countries
China joined the Fund in December 27, 1945; Article VIII (December 1, 1996)
At a Glance—China and the IMF
Quota: SDR 9,525,9 million

Leadership and staff

C. Marshall Mills, Senior Resident Representative in China.
- Appointed as the International Monetary Fund’s Senior Resident Representative in China in February 2025.
- Previously Division Chief for the Pacific Island region in the IMF’s Asia and Pacific Department (APD) and IMF mission chief to Fiji.
- Previously served as mission chief to Angola, Madagascar, Seychelles, and Togo.
- Has worked in the IMF for nearly 20 years, including in the Strategy, Policy, and Review Department where he led work on trade, capital flows, and IMF lending policy.
- Prior experience: US Treasury Department (helped negotiate China’s accession to the WTO), Organization for Economic Cooperation and Development (helped manage relations with non-members), US Office of Management and Budget.
- Education: Princeton University (masters in public affairs), France’s Ecole nationale d’administration (advanced degree), University of North Carolina (undergraduate).

Fan Zhang, Deputy Resident Representative in China.
- IMF Deputy Resident Representative in Beijing.
- Previously economist in the Research Department and the China team in the Asia Pacific Department of the IMF.
- Research focused on macroeconomic forecasts and policy analysis.
- Contributed to IMF technical assistance to the Reserve Bank of India and the Bank of Thailand, Article IV Consultations to China, and IMF publications including the World Economic Outlook and several working papers.
- Education: Ph.D. in Applied Mathematics and Master of Science from the University of Warwick, United Kingdom.

Activities, events, and outreach

PBC-IMF High-Level Seminar on Green Finance and Climate Policy: April 15-16, 2021 - Beijing, China.
Joint People’s Bank of China-IMF Joint Conference (event referenced).
Video: Digital Money and Payments in Transition (resource referenced).

Books and e-books (IMF publications relevant to China and Asia)

Modernizing China: Investing in Soft Infrastructure — Lam, Rodlauer,and Schipke (Eds) 2017.
Opening Up and Competitive Neutrality: The International Experience and Insights for China, 2019 (E-book).
Strengthening Financial and Exchange Rate Frameworks (English version) 2017 (E-book).
International Monetary System and Experience in Resolving Debt, 2016 (E-book).
Financial Liberalization, Innovation and Stability, 2015 (E-book).
New Issues in Monetary Policy, 2014 (E-book).
Capital Flow Measures, 2013 (E-book).
Frontier and Developing Asia : The Next Generation of Emerging Markets (English Excerpt, Chinese Excerpt), 2015 (Asia Book).

Recent IMF flagship publications (dates and titles)

World Economic Outlook — Global Economy in Crosscurrents of War and Technology — July 8, 2026.
Global Financial Stability Report — Global Financial Markets Confront the War in the Middle East and Amplification Risks — April 14, 2026.
Fiscal Monitor — Fiscal Policy under Pressure: High Debt, Rising Risks — April 15, 2026.
Annual Report of the Executive Board — Getting to Growth in an Age of Uncertainty — September 24, 2025.
Regional Economic Outlook — Asia and Pacific (regional series referenced).

Select IMF analysis and reports related to China (titles and dates)

China’s Digital Economy: Opportunities and Risks — January 17, 2019.
China’s High Savings: Drivers, Prospects, and Policies — December 11, 2018.
The Long-Run Trend of Residential Investment in China — December 7, 2018.
China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations — November 16, 2018.
China’s Rebalancing: Recent Progress, Prospects and Policies — November 12, 2018.
China’s Capacity Reduction Reform and Its Impact on Producer Prices — September 28, 2018.
Inequality in China - Trends, Drivers and Policy Remedies — June 5, 2018.
Intergovernmental Fiscal Reform in China — April 13, 2018.
Credit Booms - Is China Different? — January 4, 2018.
Reassessing the Perimeter of Government Accounts in China — December 8, 2017.
Resolving China's Zombies: Tackling Debt and Raising Productivity — November 27, 2017.
Assessing China’s Residential Real Estate Market — November 16, 2017.
Real Exchange Rate and External Balance : How Important Are Price Deflators? — March 30, 2017.
Price and Wage Flexibility in Hong Kong SAR — January 20, 2017.
Quantifying the Spillovers from China Rebalancing Using a Multi-Sector Ricardian Trade Model — November 15, 2016.
When China Sneezes Does ASEAN Catch a Cold? — November 10, 2016.
Resolving China’s Corporate Debt Problem — October 14, 2016.
Rebalancing in China—Progress and Prospects — September 6, 2016.
China’s Growing Influence on Asian Financial Markets — August 12, 2016.
Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies — August 09, 2016.
Chinese Imports : What’s Behind the Slowdown? — May 26, 2016.
China and Asia in Global Trade Slowdown — May 26, 2016.
China's Slowdown and Global Financial Market Volatility: Is World Growth Losing Out? — March 15, 2016.
Private Sector Activity in Hong Kong SAR and the Fed: Transmission Effects through the Currency Board — February 23, 2016.
China’s Labor Market in the “New Normal”, Lam ,Liu , and Schipke — July 13, 2015.
China’s Growth: Can Goldilocks Outgrow Bears? Maliszewski and Zhang — May 27, 2015.
Understanding Residential Real Estate in China, Chivakul, Lam , Liu , Maliszewski , and Schipke — April 28, 2015.
Assessing China’s Corporate Sector Vulnerabilities, Chivakul and Lam — March 30, 2015.
China: How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth? Lam and Wingender — March 24, 2015.

Regional economic context (IMF assessment)

Regional Economic Outlook — April 16, 2026: Asia’s economic resilience is being put to the test by the war in the Middle East and ensuing energy shock. Higher fuel prices are raising inflation and squeezing budgets, exposing the region’s reliance on imported energy and the need to protect people and speed up reforms.

IMF's Work on China

IMF's Work on China

Content in this bundle

Opening Up and Competitive Neutrality: The International Experience and Insights for China
- Opening Up and Competitive Neutrality: The International Experience and Insights for China (Markdown version)
- Opening Up and Competitive Neutrality: The International Experience and Insights for China (PDF)
Strengthening Financial and Exchange Rate Frameworks
- Strengthening Financial and Exchange Rate Frameworks (Markdown version)
- Strengthening Financial and Exchange Rate Frameworks (PDF)
增强金融和汇率框架：国际经验及对中国的启示; 中国人民银行·国际货币基金组织联合研讨会; 2017 (summary unavailable) (PDF)
Chinese Excerpt (PDF)
English Excerpt (PDF)
Financial Liberalization, Innovation and Stability (PDF)
International Monetary System and Experience in Resolving Debt (PDF)

References

Recommendations](https://www.imf.org/en/Publications/WP/Issues/2018/11/17/Chinas-Monetary-Policy-Communication-Frameworks-Impact-and-Recommendations-46375)

Deflators?(](https://www.imf.org/en/Publications/WP/Issues/2017/03/30/Real-Exchange-Rate-and-External-Balance-How-Important-Are-Price-Deflators-44780)

Price and Wage Flexibility in Hong Kong SAR(
[China's Slowdown and Global Financial Market Volatility: Is World

Growth Losing Out?(](https://www.imf.org/en/Publications/WP/Issues/2016/12/31/China-s-Slowdown-and-Global-Financial-Market-Volatility-Is-World-Growth-Losing-Out-43791)