Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/24/2014 | 08:21am CEST

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
04:01p Apex EyeCare Now Carrying Virtually Indestructible OVVO Optics Sunglasses and Corrective Frames
04:01p Senft Chiropractic of Atlanta Receives Five-Star Ratings on Both Yelp and Google from the Local Community
04:01p Crossroads Wellness & Rehab Welcomes New Nutrition Health Coach, Jessica Flegel, INHC
04:01p Paws & Claws Pet Medical Center Chosen Best Vets in Portland Area by Expertise.com
04:01p Murrieta Family Pet Hospital Works with Southern California Golden Retriever Rescue Group to Help Care for Local Dogs
04:01p Hobson Eye Associates Hosts a Month-long Celebration for 40 Years in Business
04:01p Peninsula Dog & Cat Clinic Receives Best Veterinarians in Portland Award
04:01p Non-Adjuvanted Vaccines Protect Cats Against VSS Cancer
04:01p Highland Chiropractic Offers Electrotherapy for Neuropathy Symptom Treatment Using the Z TEK
04:01p TRANSCANADA : NEB review hearing into Energy East Pipeline heads to hostile territory
Latest news
Advertisement
Hot News 
-10.63%GAMESTOP : quarterly revenue misses on weak video game sales
4.35%TATA MOTORS : India's Tata Motors first-quarter net profit halves on forex loss post-Brexit vote
-2.31%HERBALIFE : Ackman approached to buy Herbalife shares owned by Icahn
-6.63%DONGFENG MOTOR : 1st Half Net Profit Falls 1.8% to CNY6.76 Billion
3.58%RESTAURANT : to sell or close 33 outlets
Most Read News
08/27 VOLKSWAGEN : Start-ups in Target's Techstars accelerator race to finish line
06:21a MANCHESTER UNITED : Mourinho lauds `marvellous` Rashford post PL win over Hull City
01:03a MITSUBISHI HEAVY INDUSTRIES : M'bishi jet heads for U.S. after aborting earlier flight due to defect
08:06a TSUI WAH : Announcements and Notices – POLL RESULTS OF THE ANNUAL GENERAL MEETING HELD ON 26 AUGUST 2016
08/27 BANK OF VALLETTA P L C : 185 BOV employees graduate from the BOV Training Academy
Most recommended articles
09:09aDJCHINA PETROLEUM & CHEMICAL : 1st Half Net CNY19.92 Billion, Down 21.6% on Year
08:36a ALLIANZ : can weather long-lasting low interest rates - life insurance chief
08:26a China's BYD forecasts up to 91 percent profit rise for first nine months
04:51aDJFORD MOTOR : Feels Pressure of China Rivals' Pursuit
08/27DJTRANSCRIPT : Bank of Mexico Gov. Agustín Carstens Interview in Jackson Hole, Wyo.