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China Calls for Creation of Favorable Development Condition
China on Sunday urged the developed nations to strengthen their policy coordination to narrow the range of movement among their currency exchange rates and create favorable condition for global economic development.
Addressing at the second meeting of the International Monetary and Financial Committee of the International Monetary Fond (IMF), Dai Xianglong, governor of the People's Bank of China, urged the major developed countries to abolish their trade protection measures, especially those in the fields of agricultural produce, textiles, and services.
"As part of the surveillance of the developed countries, we support the IMF in its close monitoring of the progress made by these countries in reducing their trade protection measures," he added.
Dai suggested that the IMF focus on research in the macro-economy, exchange rates and other policy issues related to capital flows, as mandated in its Articles of Agreement.
He also called on the IMF to make efforts in crisis prevention by strengthening its surveillance and provide timely and effective financial support for its member states facing difficulties in balance of payments.
Meanwhile, Dai urged the IMF to discuss China's request for an ad hoc quota increase following the resumption of exercising its sovereignty over Hong Kong in 1997.
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