IMF ‘could be based in Bei­jing’

China Daily (Hong Kong) - - BUSINESS -

The In­ter­na­tional Mone­tary Fund could be based in Bei­jing in 10 years, if the Chi­nese econ­omy con­tin­ues its growth mo­men­tum and the IMF con­tin­ues to re­form, IMF Manag­ing Di­rec­tor Chris­tine La­garde said on Mon­day. One of the top pri­or­i­ties for the IMF in the next decade is to bet­ter rep­re­sent its mem­ber economies, said La­garde at an event held by the Washington-based think tank Cen­ter for Global Devel­op­ment. “To con­tinue to be rel­e­vant, it (IMF) will have to be as rep­re­sen­ta­tive as pos­si­ble, and bet­ter than it is to­day of the mem­ber­ship,” La­garde said. “If the trends con­tinue (in terms of growth), it would mean that some of the large emerg­ing mar­ket economies which ... are at risk of be­ing un­der-rep­re­sented will be bet­ter rep­re­sented in the in­sti­tu­tion,” La­garde added. re­spec­tively. The fig­ures are 0.5 per­cent­age points higher for 2017 and 0.3 per­cent­age points higher for 2018 when com­pared with the last fore­cast an­nounced by the IMF in April this year. This growth will be above that of the eu­ro­zone which, ac­cord­ing to the lat­est IMF re­port, will stand at 1.9 per­cent and 1.7 per­cent for 2017 and 2018 re­spec­tively. The IMF, mean­while, also gave its fore­cast for other ma­jor Euro­pean coun­tries, such as Ger­many, France and Italy. It fore­casts Ger­man econ­omy will grow by 1.8 per­cent in 2017 and by 1.7 per­cent in 2018, while French econ­omy will grow by 1.5 per­cent and 1.7 per­cent in 2017 and 2018 re­spec­tively. tar­iffs, cus­toms reg­u­la­tions and quan­ti­ta­tive re­stric­tions, amount­ing to al­most 11 new mea­sures per month. This con­sti­tutes a sig­nif­i­cant de­crease over the pre­vi­ous review pe­riod of mid-Oc­to­ber 2015 to mid-Oc­to­ber 2016, when an av­er­age of 15 mea­sures per month were recorded. “The re­port shows an en­cour­ag­ing de­crease in the rate of new trade-re­stric­tions put in place — hit­ting the low­est monthly av­er­age since the fi­nan­cial cri­sis,” said WTO Di­rec­tor-Gen­eral Roberto Azevedo. show that there is a con­tin­ued move away from open trad­ing poli­cies. “Too many coun­tries in and out­side the EU are try­ing to gain a mar­ginal ad­van­tage by cre­at­ing new bar­ri­ers to busi­nesses seek­ing to of­fer choice and good ser­vice to con­sumers,” said Chris­tian Ver­schueren, di­rec­tor-gen­eral of EuroCom­merce.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.