Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

People Bank of China : Yi Gang Attended the Twenty-Ninth Meeting of the IMFC

04/24/2014 | 02:21am US/Eastern

On 11 and 12 April, 2014, the IMF's International Monetary and Financial Committee (IMFC) convened its twenty-ninth meeting in Washington, DC and discussed the current situation and risks in the global economy and financial markets, global policy agenda and the reform of IMF. Deputy Governor Yi Gang attended the meeting.

The meeting was of the view that the global activity continued to strengthen. However, the upturn of the global economy is not on a solid footing and downside risks remain. The US grew faster than expected and growth in the euro area as a whole has turned positive. Growth in Japan has moderated. Emerging market economies continue to account for the bulk of global growth, but face a more complex domestic and external environment. In the global outlook, downside risks include very low inflation in some advanced economies and renewed market volatilities to be properly handled by the emerging economies. The US should orderly exit its unconventional monetary policy while the euro area should take necessary measures to prevent deflation. Japan needs to formulate robust mid-term fiscal consolidation plan while emerging and developing economies need to adopt appropriate policy measures based on their specific circumstances. All countries need to continue structural reform.

The meeting expressed deep disappointment with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula. The meeting reaffirmed the importance of the IMF as a quota-based institution. As the implementation of the 2010 quota and governance reforms remains the highest priority of the IMFC, the meeting urged the US to ratify these reforms at the earliest opportunity to ensure the IMF has sufficient resources to maintain the stability of the global monetary system. It was decided at the meeting that if the 2010 reforms are not ratified by year-end, the IMFC will schedule a discussion on the options for the IMF to build on the existing work and continue reforms.

When briefing the meeting on the economic situation in China, Mr. Yi Gang pointed out that China has entered a period of moderate growth after continuing fast growth for many years. In this period, the quality of growth will be higher. China's economy is running within a proper range, as prices are generally stable, important progress has been made in the transformation of growth model, and both economic structure and the BOP account have improved. The Chinese government will continue the proactive fiscal policy and sound monetary policy and implement various reform measures including streamlining administrative procedures and delegating more powers to lower-level governments. The Government has confidence in achieving the goal of 7.5 percent growth in 2014 and has taken effective measures to address the risks in the economy.

Mr. Yi Gang pointed out that the continued delay in the implementation of 2010 formula and governance reform will directly affect the effectiveness, legality and credibility of the IMF. Since the IMF is a quota-based institution, the failure of effecting quota increase will undermine the institution's ability to address future crises. He urged the members who have yet to ratify the 2010 reforms to complete the procedures as soon as possible and call on the IMF and member countries to make progress in preparing for the 15th General Quota Review so as to complete the review by January 2015.

distributed by
React to this article
Latest news
Date Title
01:58a DAILY MAIL AND GENERAL : *socgen raises daily mail to 'hold' ('sell') - target 725 pence
01:56a HYUNDAI HCN : The 2016 Genesis is a revolution designed to leave Hyundai behind
01:54a SIF MOLDOVA : Event - Attestation of current structure of “SIF Moldova Group”
01:54a SIF MOLDOVA : Compliting the first stage of the buyback program
01:53a BRITVIC : *socgen raises britvic price target to 870 (760) pence - 'buy'
01:53a JACK MA : Alibaba in talks with Hong Kong's SCMP Group for media assets - source
01:51a GLOBAL TELECOM SAE : VimpelCom and Global Telecom Holding combine Pakistan telecom business with Warid Telecom
01:49a AVIVA : *traders: rbc capital cuts aviva to 'underperform' ('sector perform')
01:49a AEON : 1st AEON MALL in Hangzhou City, Zhejiang Province, China! A New City Landmark“AEON MALL Hangzhou Liangzhu Xincheng” Grand Opening at 9:00 AM on November 27 (Friday)
01:47a DAIRY CREST : *socgen raises dairy crest group price target to 620 (490) pence - 'hold'
Latest news
Hot News 
DAILY MAIL AND GENERAL : *barclays cuts daily mail price target to 830 (850) pence - 'overweight'
HP Inc plunges after printer business underwhelms
THOMAS COOK : flies into annual profit for first time in five years
SOLUCOM : Merger between Solucom and Kurt Salmon’s European business (excluding retail and consumer goods consulting) – Acquisition agreement signed
BETFAIR : *barclays raises betfair price target to 4,000 (3,420) pence - 'overweight'
Most Read News
11/25 Heart Disease Patients Who Sit a Lot Have Worse Health Even if they Exercise
11/25 RSPO ROUNDTABLE ON SUSTAINABLE PALM OIL : Termination and Suspension of RSPO Membership Announcements, 17 November 2015
11/25 DALIAN COMMODITY EXCHANGE : DCE holds Forum on Integrity in Changchun
11/25 AHF Commemorates World AIDS Day on Dec. 1; Celebrates Reaching Milestone of 500,000 Patients Globally
11/25 NEWFOUNDLAND AND LABRADOR BOARD OF COMMISSIONERS O : Weekly maximum fuel prices ~ effective November 26, 2015
Most recommended articles
01:53a JACK MA : Alibaba in talks with Hong Kong's SCMP Group for media assets - source
01:44a Asian shares edge up, euro under pressure as ECB looms
01:40a Currency Swings in Thin Markets to Struggle for Follow-Through
01:40aDJASIA MARKETS : Nikkei Nears Highest Levels Since August On Weaker Yen
01:36aDJSime Darby Fiscal-First Quarter Earnings Drop