BEIJING, Nov 24 (NNN-XINHUA) – Chinese Premier, Li Keqiang, met with International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, and pledged further opening up of the country’s financial sector.
Li said, China and leaders of major international economic institutions sent strong signals of jointly safeguarding multi-lateralism and free trade, tackling economic downward pressure and enhancing international cooperation.
China’s current economic operation is generally stable but faces downward pressure, Li said. “China will further its reform and opening-up and stimulate the market’s vitality to counter the downward pressure.”
Noting that financial opening-up is a key area in China’s further opening-up, Li said, the country will continue to expand opening-up in the fields of banking, insurance and securities, and work towards allowing the establishment of wholly foreign-owned banks, which are granted full-service license.
China will maintain basic stability of the exchange rate of its currency RMB, at a reasonable and balanced level, and continue to advance market-oriented RMB exchange rate reform, said Li, adding that, the country will not engage in competitive devaluation of the RMB exchange rate.
Georgieva said, under the backdrop of global economic slowdown and increasing uncertainties, the IMF applauds China’s economic policies.
She added that the Chinese government has adopted a positive fiscal policy, carried out taxes and fees cut, implemented prudent monetary policy and supply-side structural reform, which are conducive to raise China’s medium- and long-term competitiveness.
The IMF stands ready to work with China, to enhance cooperation in all fields and jointly promote sustained development of global economy, Georgieva said.– NNN-XINHUA