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More global cooperation needed to address downside risks: PBOC chief

(Xinhua)

10:09, September 25, 2011

WASHINGTON, Sept. 24 (Xinhua) -- Global cooperation should be strengthened to deal with the growing downside risks to world economy, Zhou Xiaochuan, governor of the People's Bank of China ( PBOC), the country's central bank, said here Saturday.

The world economic recovery has slowed down obviously recently amid the sovereign debt problem in Europe and the Unites States, Zhou said at the meeting of the International Monetary and Financial Committee (IMFC), the steering body of the International Monetary Fund (IMF).

He demanded that more global cooperation be taken as downside risks to the world economy are growing.

According to the communique of the IMFC, the world economy is facing four major challenges, including sovereign debt risks, financial system fragility, weakening economic growth and high employment.

Advanced economies have to establish a clear and credible medium-term adjustment strategy on fiscal stability and economy growth to restore market confidence, and they should also resist trade protectionism, Zhou said.

Meanwhile, the emerging markets and developing countries need to continue their structural reform to improve the sustainability of economy growth, he added.

With respect to IMF, it should provide practical policy advice on global challenges to preserve the global economic and financial stability, said Zhou.

The IMFC meeting was held on the sidelines of the IMF and the World Bank annual meetings which are set to run from Sept. 23 to 25, with scheduled seminars, press conferences and related events before and during the meetings.

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