The official website of the People’s Bank of China official website news, on April 16, 2020, the 41st International Monetary and Financial Committee (IMFC) meeting was held in video format, mainly to discuss the impact of the joint response to the global economy (Hereinafter referred to as the IMF) issues such as the global policy agenda. Governor Yi Gang and Vice President Chen Yulu of the People’s Bank of China attended the meeting.
The meeting pointed out that the epidemic has plunged the world into an unprecedented crisis. The global economy will contract sharply this year and is expected to recover next year. Many countries are facing severe challenges, especially many emerging market economies and developing countries will face multiple challenges such as export demand, falling commodity prices and capital outflows.
The meeting promised that all parties will continue to use all available policy tools to fight the epidemic, protect employment and restore the economy. All parties have taken a number of macroeconomic measures and will further adopt fiscal, monetary and financial stability policies when necessary to promote strong, sustainable, balanced and inclusive growth of the economy.
The meeting emphasized that all parties support the Fund ’s assistance to member countries through financial support, policy advice and capacity building, and welcome the Fund ’s package of measures to respond to the crisis, This includes raising emergency financing quotas and launching short-term liquidity loan instruments.
The meeting reiterated its commitment to maintain a strong, share-based, and adequately funded fund, and maintain its core role in the global financial safety net. All parties promised to continue to promote the 16th general inspection of shares and governance reform of the IMF.
President Yi Gang introduced China ’s economic situation and stated that China ’s epidemic prevention and control situation continued to improve and the production and living order accelerated. China’s economic growth remains resilient, and the fundamentals of long-term improvement have not changed. China supports the Fund ’s core role in the global financial safety net, continues to promote international macroeconomic policy coordination, and provides strong support for member countries to fight the epidemic, and promotes global economic growth and financial market stability.
(the original title “President Yi Gang of the People’s Bank of China Attends the 41st International Monetary and Financial Committee Video Conference”)