March 23, 2015

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today concluded a five-day visit to China and issued the following statement:

“It has been a great pleasure to be back in China once again and to witness the vibrancy of its economy and society, and the dedication of its people to a more open, confident and prosperous China.

“In Beijing, I had the privilege of meeting with Premier Li Keqiang, Vice Premier Ma Kai, and People’s Bank of China Governor Zhou Xiaochuan. In Shanghai, I met with Party Secretary Han Zheng and his colleagues.

“In my meetings with the authorities, we exchanged views on recent developments in the global economy, China’s ongoing reform efforts, strengthening the partnership between the IMF and China, and China’s upcoming presidency of the G20 in 2016.

The implementation of structural reforms as outlined in the 3rd Plenum Blueprint is underway. This should lead to slower, safer, and more sustainable growth–with a focus on innovation and entrepreneurship–which will be good for China and its people – and good for the world.

I noted the impressive efforts made by the Chinese government to reform in three key areas in particular: cleaning up the house, by promoting good governance through strengthening the legal framework and the anti-corruption campaign; cleaning up the air, by curbing pollution and preserving the environment; and clearing the path to even more engagement with the world, through China’s further participation in the multilateral dialogue and through more international investment and trade. I welcomed China’s various initiatives in this area, including through the newly established Asian Infrastructure Investment Bank (AIIB).

“I am very impressed by the rapid internationalization of Renminbi (RMB) in recent years. The authorities’ commitment to accelerate reforms, particularly in the financial and external sectors, should further facilitate the international use of the RMB. The authorities have also expressed interest in having the RMB included in the SDR basket. We welcome and share this objective, and we will work closely with the Chinese authorities in this regard.

“During our meetings, we also discussed the delays in implementing the IMF’s 2010 quota and governance reform. I share the authorities’ view that every effort should continue to be undertaken to ensure that these reforms can be made effective as soon as possible.

“During my visit, I was honored to speak at the 2015 China Development Forum where I met with Vice Premier Zhang Gaoli and other senior policymakers, business executives and thought leaders on pressing issues facing the world and China in the “New Normal”. Topics of discussion included monetary policy, fiscal reforms, and enhancing international cooperation.

“I had also a series of very interesting meetings in Beijing and Shanghai with a broad section of Chinese society, including young entrepreneurs, financial sector practitioners, accomplished Chinese women, and students at Fudan University–where I had the opportunity to engage with them in a conversation on creating new ingredients for growth and success.

“I would like to express my deep gratitude to the Chinese government and people for their wonderful hospitality. I look forward to visiting China again soon.”