OREANDA-NEWS. October 22, 2012. The IMF/World Bank 2012 Annual Meetings were held in Tokyo. Governors representing more than 180 member countries of the IMF/World Bank and representatives from relevant international and regional institutions attended the meeting, which was chaired by Mr. Riad T. Salame, rotating Chairman of the Annual Meetings as well as the Governor for Lebanon at the IMF. IMF Managing Director Christine Lagarde, and World Bank President Jim Yong Kim addressed the meetings. The Chinese government delegation, led by Mr. YI Gang, Deputy Governor of the People’s Bank of China, and Mr. ZHU Guangyao, Vice Minister of the Ministry of Finance, attended the meetings. Mr. YI Gang submitted a written speech on behalf of the Chinese government.

YI Gang pointed out that, since the outbreak of the global financial crisis in 2008, the international community has taken various measures to contain the crisis and achieved initial results. However, factors that constrain the global growth and impede financial stability remained unsolved, and the task to restore economic growth, maintain financial stability and promote development has become the common goal of the international society. To that end, countries should enhance policy coordination, guard against protectionist pressures, and consolidate the momentum of global recovery.

YI Gang said, since the beginning of 2012 the Chinese government has put a greater emphasis on stable growth. It has improved and strengthened certain macroeconomic measures in a targeted manner to maintain stable economic growth, actively promoted the shift of growth pattern and structural adjustment. China’s balance of payments became more balanced. The economy continued to move in the direction as intended by macroeconomic management, sustaining growth at a relatively fast pace.

YI Gang emphasized that continued efforts are needed to promote the governance reform of the International Monetary Fund and the World Bank, to increase the voice and representation of developing nations, so that the two institutions will better perform their functions. The international community should continue the reform of international financial system, improve the international economic governance mechanism, strive to build an impartial, fair, inclusive, and orderly international financial system to promote mutual development and prosperity.

The Chinese government delegation also attended the Ministerial-Level Autumn Meetings of the International Monetary and Financial Committee and the Development Committee.