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Li to IMF chair: China ready for more involvement on global financial stage

Updated: Mar 23,2015 8:58 PM     english.gov.cn

Premier Li Keqiang met with visiting International Monetary Fund chief Christine Lagarde on March 23, expressing China’s readiness to better participate in international cooperation to champion global financial stability.

Currently the world economy is lacking a boost for revival, and geopolitics have brought complicated impacts, Li said.

All countries should strengthen coordination over macroeconomic policies, maintain the stability of the global financial system, and forge a good environment for the revival of the world economy, the Premier said.

China will press ahead with economic structural adjustment through structural reforms, advance financial reforms with a focus on serving the real economy and guard against financial risks, he said.

The country will energetically develop medium and small-size banks, as well as private banks, and provide better financial support for medium, small and micro-sized enterprises, he added.

A multilevel capital market will be developed, social capital will be better motivated, the leverage ratio of entrepreneurial capital will be lowered and economic dynamics will be better unleashed, while stronger support and services will be provided to mass entrepreneurship and mass innovation, the Premier said.

Li observed that the IMF is reviewing Special Drawing Rights (SDR) this year.

“China, by joining in the SDR, hopes to proactively participate in international cooperation to champion global financial stability and boost the for the opening up of China’s capital market and financial domain,” he said.

China will introduce targeted reform measures, accelerate the realization of the basic convertibility of RMB capital accounts, boost the freedom of using RMB, and bring more conveniences to domestic individual cross-border investors and foreign institutional investors who are investing in China’s capital market, according to Li.

Lagarde said China’s reform and opening up play a positive and important role in global economic governance.

She said the success of China’s financial reform will provide a role model for other countries, and will be helpful in promoting global financial stability.

The IMF attaches priority to its relationship with China, and is ready to maintain communication and cooperation with China in regard to the review of SDR.

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