China’s finance minister and central bank chief traveled to Washington DC this week to attend meetings of the World Bank and the IMF, where they called for safeguarding multilateralism, opposing protectionism, and strengthening economic cooperation amid global economic challenges and geopolitical tensions.
Chinese Finance Minister Lan Fo’an attended the 113th meeting of the Development Committee of the World Bank on Thursday in Washington DC, where he called for the World Bank to uphold multilateralism and play a constructive role in maintaining the international economic order, according to a statement released on the Ministry of Finance’s website on Saturday.
Meanwhile, People’s Bank of China Governor Pan Gongsheng attended the 53rd meeting of the International Monetary and Financial Committee (IMFC) in Washington DC on Thursday and Friday and delivered remarks. Pan said that all countries should practice true multilateralism, firmly safeguard free trade, and build an open world economy, according to a statement posted on the central bank’s website on Saturday.
These meetings took place against the backdrop of major challenges facing the global economy, including rising unilateralism and protectionism, a marked increase in trade and economic restrictions, while escalating geopolitical tensions have further weighed on global economic growth, increased financial market volatility, and affected global financial stability. In the face of these challenges, Pan cautioned that trade protectionism cannot resolve global imbalances and that stable, rational and predictable cooperation is particularly valuable.
Pan reiterated China’s support for a more equitable and inclusive global financial system, pledging deeper cooperation with the IMF in safeguarding financial stability and promoting sustainable growth. China stands ready to deepen cooperation with the IMF, and support it in playing an active role in safeguarding global economic and financial stability and promoting sustainable growth, Pan noted.
Pan said the rapidly changing international economic and trade environment requires the IMF to further strengthen its role in economic surveillance, noting that the IMF should further strengthen surveillance of fiscal risks of major advanced economies and their spillover effects.
Speaking at World Bank-related meetings, Lan also said that China hopes that the World Bank will uphold multilateralism and play a constructive role in maintaining the existing international order amid a sluggish global economic recovery and escalating geopolitical conflicts.
Over the past 40 years, China and the World Bank have established a mutually beneficial and win-win partnership. China stands ready to further deepen cooperation with the World Bank, share its reform experience with other developing countries, and provide more global public goods, so that cooperation between China and the World Bank can benefit the world, Lan noted.
As the world’s second-largest economy and the largest developing country, China has contributed around 30 percent of global economic growth in recent years, making a significant contribution to global development. China will continue to serve as a major engine of global growth, vigorously expand domestic demand, boost consumption, and further unleash the vitality and potential of its vast market, sharing the opportunities and dividends of China’s development with the world, Lan said.
