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Zhou Xiaochuan, governor of the People's Bank of China, said at the 21st Ministerial Meeting of the International Monetary Fund's International Monetary and Financial Committee on April 24 that despite the positive momentum of the global economy, the global economic outlook still faces uncertainty.
Zhou Xiaochuan said that under the impetus of large-scale stimulus policies by various countries, the global economy has shown a positive momentum of recovery, but the strength and dynamics of recovery in various countries and regions are obviously different. The recovery of emerging markets and developing countries is strong, and the recovery of developed countries is relatively slow. Although some functions of the financial system have gradually recovered, the global financial stability situation is still fragile, and the global economic outlook is facing uncertainty.
He said that the main risks of the current global economy are still from developed countries. Sovereign debt risk has become a threat to global financial stability and economic recovery, and its potential systemic impact is worthy of attention. The extension of the banking deleveraging process may lead to a lack of financing support for a sustainable economic recovery, increasing the complexity and difficulty of the exit strategy. The liquidity injected by major developed countries into financial markets and the uncertainty of their exit policies have increased the instability of international capital flows and increased the difficulty of short-term capital flow management in emerging market economies. The risks of rising trade and financial protectionism cannot be ignored.
He said that developed countries with weak economic recovery should rebuild fiscal discipline as soon as possible, take measures to curb the transmission and amplification of sovereign debt risks and avoid cross-border infections; accelerate the reform of the financial sector, restore the normal functions of the financial system as soon as possible; and accelerate the structural reforms, To increase the potential for economic growth; when considering the exit of monetary policy, we must consider not only inflationary pressures, but also the spillover effects and potential systemic risks brought about by excessive liquidity in the financial system.
He also said that countries should further strengthen cooperation and share responsibility, especially to strengthen coordination and forward-looking macroeconomic and financial policies, resolutely oppose various forms of protectionism, jointly safeguard financial market stability and promote strong and sustainable global economy. recovery.
In introducing China's economic situation and policies, Zhou Xiaochuan said that in 2009, under the effect of a package of policies and measures to deal with the international financial crisis, China's economy took the lead in achieving an overall recovery of the economic situation. In 2010, China's economy is expected to continue to maintain the basic trend of steady and rapid growth, but it also faces complex challenges. The task of promoting the transformation of economic development mode and adjusting the economic structure is more urgent, and the task of preventing financial risks remains arduous.
He said that China will maintain the continuity and stability of its macroeconomic policies, and strive to improve the pertinence and flexibility of its policies in accordance with the new situation and new situations; continue to implement a proactive fiscal policy and a moderately loose monetary policy, and continuously improve its response. A package of measures for the international financial crisis; accelerate the transformation of economic development mode, adjust and optimize the economic structure, actively expand consumer demand, focus on optimizing the investment structure, and promote the economy to enter the development track of innovation-driven and endogenous growth; comprehensive use of monetary and fiscal Policy tools, pay close attention to price trends and manage inflation expectations, effectively prevent and resolve various potential systemic risks.
Regarding the governance and functional reform of the International Monetary Fund, Zhou Xiaochuan said that the share structure is the core issue of IMF governance. At present, the underestimation and underrepresentation of the IMF's share in emerging markets and developing countries have seriously affected the legitimacy and effectiveness of the IMF and must be corrected. We urge the IMF to speed up its work and complete the share inspection on schedule, in accordance with the goals set by the G20 Pittsburgh Financial Summit and the International Monetary Fund's International Monetary and Financial Committee.
Zhou Xiaochuan emphasized that the global financial crisis caused by the misappropriation of financial sector policies in developed countries has had an unprecedented impact on world trade, employment and income, and the financial unsustainability of developed countries has become the main risk threatening global financial stability. The IMF should adjust its supervision focus as soon as possible, improve supervision methods, and strengthen supervision over mature financial markets and cross-border capital flows. At present, it is necessary to strengthen supervision over fiscal policies of developed countries, and further track the evolution of sovereign debt risks in developed countries. Impact, efforts to maintain international financial stability and promote sustainable economic growth.
Executive directors of 24 IMF executive boards representing 186 member countries of the International Monetary Fund and representatives of international institutions such as the World Bank, the World Trade Organization and the Financial Stability Board attended the meeting. The meeting mainly discussed issues such as the global economic situation, fund governance and functional reforms.
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