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China urges IMF to improve financial surveillance
(Xinhua)
Updated: 2004-10-03 14:19 The governor of the People's Bank of China (PBC)
on Saturday called on the International Monetary Fund (IMF) to enhance its
monitoring, analysis and forecasting of global and regional economies and
financial markets.
Zhou Xiaochuan (C),
governor of the People's Bank of China, attends a meeting of the
International Monetary and Financial Committee (IMFC) in Washington, the
United States, Oct. 2, 2004. The IMFC is the policy-making body of the
International Monetary Fund (IMF).
[Xinhua] | Speaking at the 10th meeting of the
International Monetary and Financial Committee, the policy-making body of the
IMF, PBC governor Zhou Xiaochuan said surveillance is the Fund's core
responsibility and the major means of assuring that IMF plays a key role in
promoting the stability of the international monetary and financial system.
The IMF should steadily improve the quality of its surveillance and raise its
effectiveness in response to changes in surveillance targets and their
environments, said Zhou.
Zhou Xiaochuan (2nd
R Front), governor of the People's Bank of China, attends a meeting of the
International Monetary and Financial Committee (IMFC) in Washington, the
United States, Oct. 2, 2004. [Xinhua] | The IMF's
surveillance priorities should continue to focus on assuring the macroeconomic,
monetary and financial stability of member countries, all regions and even the
world, he said. Economics and financial markets with a systemic impact --
particularly the major developed countries and the international centers -- need
to be a priority of Fund's surveillance.
He called on the IMF to continue helping and supporting developing countries
in promoting structural reform, enhancing capacity building, improving domestic
markets and strengthening their financial sectors.
Zhou also said the IMF's most recent comprehensive reviews of means to help
low-incoming countries (LICs) achieve economic growth and poverty reduction are
highly significant.
The Chinese government continues to support the economic growth and poverty
reduction in LICs and is actively contributing all it can to debt relief in the
poor countries, he added.
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