Press Release: IMF Managing Director Meets Senior Chinese officials, Speaks at 2015 China Development Forum
IMF News, March 23, 2015
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- Published: March 23, 2015
Visit overview and engagements
- Press Release No. 15/131
- Date: March 23, 2015
- Principal: Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF)
- Duration: concluded a five-day visit to China
- Meetings:
- Premier Li Keqiang
- Vice Premier Ma Kai
- People’s Bank of China Governor Zhou Xiaochuan
- Party Secretary Han Zheng (Shanghai)
- Vice Premier Zhang Gaoli (at the 2015 China Development Forum)
- Additional meetings with senior policymakers, business executives, and thought leaders
Key messages on China’s reforms and growth model
- Implementation of structural reforms as outlined in the 3rd Plenum Blueprint is underway.
- Expected outcomes of reform implementation:
- Slower, safer, and more sustainable growth
- Greater focus on innovation and entrepreneurship
- Benefits for China, its people, and the world
- Three highlighted reform areas and initiatives:
- Cleaning up the house: promoting good governance through strengthening the legal framework and the anti-corruption campaign
- Cleaning up the air: curbing pollution and preserving the environment
- Clearing the path to more engagement with the world: increased participation in multilateral dialogue and more international investment and trade
- Welcomed initiatives including the newly established Asian Infrastructure Investment Bank (AIIB)
Internationalization of the Renminbi (RMB) and SDR
- Observed “rapid internationalization of Renminbi (RMB) in recent years.”
- Authorities’ commitment to accelerate reforms, particularly in the financial and external sectors, should further facilitate the international use of the RMB.
- Authorities have expressed interest in having the RMB included in the SDR basket.
- IMF stance: “We welcome and share this objective, and we will work closely with the Chinese authorities in this regard.”
IMF quota and governance reform
- Discussed delays in implementing the IMF’s 2010 quota and governance reform.
- Position: “I share the authorities’ view that every effort should continue to be undertaken to ensure that these reforms can be made effective as soon as possible.”
China Development Forum speech topics and interactions
- Speaker: Ms. Christine Lagarde at the 2015 China Development Forum
- Met Vice Premier Zhang Gaoli and other senior policymakers, business executives, and thought leaders.
- Topics of discussion included:
- Monetary policy
- Fiscal reforms
- Enhancing international cooperation
- Characterization of the environment: issues facing the world and China in the “New Normal”
Engagements with wider Chinese society
- Meetings and events with a broad section of Chinese society:
- Young entrepreneurs
- Financial sector practitioners
- Accomplished Chinese women
- Students at Fudan University (conversation on creating new ingredients for growth and success)
Closing remarks
- Expressed deep gratitude to the Chinese government and people for their hospitality.
- Stated: “I look forward to visiting China again soon.”
Source: Press Release No. 15/131, March 23, 2015, IMF.