April 8, 2013

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) today made the following statement in Boao, Hainan Province:

“It has been a great pleasure to be back in Asia and in China, on the occasion of the 2013 Annual Conference of the Boao Forum for Asia. I had the privilege of meeting with President Xi Jinping, the Sultan Hassanal Bolkiah, Prime Minister Julia Gillard, Prime Minister John Key, and other Asian leaders and officials.

“This is a particularly exciting time to be in Asia. This region has been the consistent global growth leader—driving two thirds of total growth in the five years since the global financial crisis began. Asia’s continuing success reflects years of determined reforms and deft policy management during the crisis. We expect another impressive growth performance from the region this year.

“A substantial portion of the global economy looks better today than it did last year. However, global growth remains lopsided and the recovery is still patchy and prone to risks, notably in the Eurozone. Credible medium-term fiscal adjustment plans are needed to build confidence and ensure sustained recovery in the advanced economies.

“Asia is forging a new path toward shared prosperity and lasting growth. The central theme for this year’s Boao Forum captures this spirit: Asia Seeking Development for All: Restructuring, Responsibility and Cooperation. At the Forum, I highlighted three issues that are key to fulfilling these aspirations: increasing the emphasis on people-focused development; creating the right climate to boost investment; and ensuring that growth is sustainable by protecting the environment. I know that these issues are high on Asia’s agenda.

“In my meetings with Asian leaders, we exchanged views on the global economy, Asia’s outlook, and the important roles and contributions of Asia, including China, in the IMF. In addition we discussed how the Fund can further support Asia’s endeavor in building lasting growth and shared prosperity

“I am encouraged by the resolve and determination of China’s new leadership to continue to push ahead with needed reforms. China’s increasing emphasis on sharing the dividends of reform across the entire population will provide a sound basis for more sustainable growth.

“I would like to express my deep gratitude to the Chinese government and people for their gracious hospitality. I look forward very much to visiting China again in the near future.”