## Michel Camdessus Central Banking Lecture Series

_IMF News, June 24, 2016_

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## Bibliographic details
- Published: June 24, 2016

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### Managing Director’s Welcoming Remarks (June 24, 2016)
- Occasion: 2016 Michel Camdessus Central Banking Lecture, third edition of the lecture series named after Michel Camdessus.
- Speaker introduced: Governor Zhou Xiaochuan, the 11th and longest-serving Governor of the People’s Bank of China.
- Greeting to Chinese guests: 欢迎 [Huānyíng].

### China’s economic scale and recent growth
- China accounts for about the same share of global output as all other emerging economies combined.
- China is home to almost a quarter of the world’s workers.
- China has 14 cities with more than 5 million people.
- China represents 30 percent of global investment.
- China houses 5 of the world’s largest 20 banks by assets.
- In the context of global box office, 12 percent of its global takings came from China (reference to Batman vs. Superman).
- Historical growth:
  - Growth averaged 10 percent since 1985.
  - Growth slowed to 9.2 percent at the height of the global financial crisis in 2009.
- Recent output addition: Last year alone China added to its GDP the equivalent of a mid-sized economy like Sweden, Poland, or Turkey.

### Reforms, risks, and policy direction
- China is described metaphorically as reinforcing its hull and upgrading its rudder to become more nimble.
- Monetary reforms:
  - Introduced more flexible interest rates.
  - Increased role for market forces in the exchange rate.
  - Governor Zhou credited with playing a crucial role.
- Financial reforms:
  - Priority to make China’s financial system more open, safer, and more inclusive.
  - A deposit insurance scheme is in the plans.
  - Ongoing Financial Stability Assessment Program intended to help strengthen oversight of the increasingly large and interconnected financial system.
- Structural shifts:
  - Moderately reducing speed, sailing at a more sustainable pace.
  - Shifting composition away from investment toward more consumption.
  - Movement from manufacturing toward more services and greater public services.
  - Environmental policy: In 2017, China will roll out the world’s largest emissions trading system.
- International responsibilities: As China’s global role grows, its smoother domestic transition will benefit the global economy but can produce significant ripple effects for smaller economies.

### Governor Zhou Xiaochuan — profile and attributes highlighted
- Personal and professional traits emphasized:
  - Described as a reformer, central banker, internationalist, and multilateralist.
  - Fusion of global vision with characteristic Chinese wisdom; calm demeanor, world-class intellect, energetic personality, wide-ranging interests.
- Personal background and interests:
  - Avid player of badminton and tennis — sports requiring stamina, agility, speed, precision, and strategic skills.
  - Electrical engineer by training.
  - Traveled the world; developed an appreciation for Western classical music and opera.
  - Co-authored in 1998 (as President of the Construction Bank of China) a book entitled “Journey of Musical Operas.”
- Relationship with IMF Managing Director: Described as a friend; long-standing professional respect and admiration.

### Framing and closing
- China portrayed with dual metaphors: a "mega" container ship (by weight in the global economy) and an "elegant speedboat" (by speed of transformation).
- Emphasis on deliberate navigation: reinforcing institutional “hull,” upgrading policy “rudder,” and learning to navigate a larger role on the global stage.
- Formal welcome: Audience invited to warmly welcome Governor Zhou to deliver the lecture.

*Managing Director’s Welcoming Remarks, Michel Camdessus Central Banking Lecture Series, June 24, 2016 — IMF Communications Department*

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## References

- [Christine Lagarde](http://www.imf.org/external/np/omd/bios/cl.htm)
- [People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2017/06/28/sp062817-michel-camdessus-central-banking-lecture-series_