## People in Economics: The Internationalist Economist

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**Canonical URL:** [People in Economics: The Internationalist Economist](https://www.imf.org/en/publications/fandd/issues/2024/06/pie-the-internationalist-economist)

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- [Markdown version](/en/publications/fandd/issues/2024/06/pie-the-internationalist-economist/index.md)
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## Bibliographic details
- Authors: HENNY SENDER
- Published: June 3, 2024

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### Profile and background
- Subject: Zhu Min, described as China’s “international civil servant.”
- Author and publication: HENNY SENDER, F&D Magazine, June 2024.
- Personal history and education:
  - Born in Shanghai in 1952.
  - Experienced the cultural revolution (mid-1960s to mid-70s); worked in a fish-canning factory for much of that decade.
  - Entered Fudan University after a 10-year hiatus when universities were closed; graduated in 1982 with a degree in economics.
  - Completed a master’s in public administration at Princeton and a doctorate in economics at Johns Hopkins.
  - Early career: economist at the World Bank in the early 1990s; rose through the state-owned Bank of China; became deputy governor of the People’s Bank of China in 2009.
  - IMF service: special advisor in 2010; then deputy managing director under Christine Lagarde; left after a fixed five-year term. At appointment in 2010, he was 58.
- Current role (as of the profile): deputy chairman of the China International Economic Exchange Centre (after returning to Beijing eight years prior to the profile).

### Major achievements and institutional influence at the IMF
- Governance reforms:
  - Helped bring about a 6 percent shift in quota shares to emerging market and developing economies in his first year at the IMF.
  - In 2015, pushed for inclusion of the Chinese renminbi in the special drawing rights currency basket.
- Financial contributions and leverage:
  - Instrumental in persuading China to contribute $45 billion to address the euro area debt crisis; cited as “by far the largest contribution.”
- Institutional priorities he advanced:
  - Giving small island member states a voice.
  - Broader focus beyond traditional IMF emphasis to include jobs, growth in the developing world, and reducing income inequality (board agreement took two-and-a-half years to secure).
- Personal style and engagement:
  - Described as adaptable and integrative (“Min is water”), self-effacing, team-oriented, and active in Washington civil society (book club, volunteer housing renovations).
  - Worked behind the scenes to achieve impact where possible.

### Policy positions and reform agenda
- Core belief: the biggest challenge is anti-globalization; the world still needs international cooperation and a “decent policy broker.”
- Key policy recommendations and priorities he advocates:
  - Repositioning the IMF to safeguard its independence, identity, and commitment to the global commons.
  - Adjusting IMF governance and voting rights to reflect shifting economic power toward emerging markets (note: “The governance structure and voting rights at the IMF are way behind on this.”).
  - Making special drawing rights more liquid and marketable as an alternative to overreliance on the US dollar.
  - Broadening IMF focus from current account balances, fiscal balances, and exchange rates to include jobs, growth, and income inequality in developing countries.
  - Providing early-warning systems for emerging crises and supporting resilience via regional safety nets (example referenced: the Chiang Mai Initiative).
  - Coordinating global fiscal policy to support carbon neutrality and financing the transition, a role he argues neither governments nor capital markets currently fulfill.

### Challenges and constraints
- Geopolitical and institutional headwinds:
  - Rise of protectionism and populism in the US complicates IMF reform and the institution’s ability to control its own fate.
  - Voting rights at the IMF do not reflect that “half of global GDP comes from emerging markets.”
  - Tensions between the IMF and Beijing on China’s role in third-country debt resolutions and criticism of mainland economic policy complicate Zhu’s bridging role.
- Realism of ambitions:
  - Many of Zhu’s recommendations extend beyond the IMF’s traditional mandate; it is uncertain whether any international organization currently has the capabilities he envisions.
- Diminishing mediating capacity:
  - Fewer individuals able and willing to serve as mediators between China and the West, increasing the risk of “disastrous misunderstandings.”

### Assessment and outlook
- Characterization:
  - Portrayed as an idealist and reformer who believes in international harmony and constructive cooperation, wanted China to “play a constructive role” and support balanced dialogue on restructuring the international monetary system.
- Continuing mission:
  - Despite institutional resistance and geopolitical polarization, Zhu remains optimistic and patient about long-term reform (“it may take years to move the mountain,” he reportedly said).
- Legacy indicators:
  - Concrete institutional changes associated with his tenure: 6 percent quota shift; inclusion of the renminbi in the SDR basket; facilitation of a $45 billion Chinese contribution to euro area assistance.
- Ongoing tensions:
  - The profile highlights a fundamental tension between Zhu’s internationalist vision and a world increasingly characterized by protectionism, raising questions about the feasibility of his reform agenda.

*People in Economics: The Internationalist Economist — Henny Sender, F&D Magazine, June 2024*

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## Content in this bundle

- **Zhu Min: The Internationalist Economist**
  - [Zhu Min: The Internationalist Economist (Markdown version)](/-/media/files/publications/fandd/article/2024/06/people-economics-june24.pdf.md){rel="alternate" type="text/markdown"}
  - [Zhu Min: The Internationalist Economist (PDF)](/-/media/files/publications/fandd/article/2024/06/people-economics-june24.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/fandd/issues/2024/06/pie-the-internationalist-economist_