IMF unveils plans for China-based regional centre in Shanghai

The IMF announcement was made on the first day of the annual Lujiazui Forum in Shanghai, and ahead of the Central Committee of China’s Communist Party’s third plenum in July – a highly anticipated political gathering that will roll out plans for the country’s economic development in the next decade.

The Lujiazui Forum is in its 15th edition and is regarded as an influential finance industry gathering.

“We welcome the establishment of the IMF Regional Centre in Shanghai,” said Pan Gongsheng, governor of the People’s Bank of China, at the launch ceremony.

“We believe the Shanghai Regional Centre will deepen cooperation between the IMF and China, enhance macroeconomic policy exchange and coordination among the Asia-Pacific countries, and support regional and global financial stability.”

IMF managing director Kristalina Georgieva welcomed “this important initiative with the People’s Bank of China to establish the Shanghai Regional Centre”.

“The centre will further strengthen the IMF’s engagement in the dynamic Asia-Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation,” she said.

More to follow…