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Li Keqiang Meets with Managing Director Christine Lagarde of IMF

In the morning of March 23, 2015, Premier Li Keqiang met with Managing Director Christine Lagarde of the International Monetary Fund (IMF) at the Great Hall of the People.

Li Keqiang said that currently, world economic recovery lacks enough impetus, and geopolitics brings complicated effects. All countries should enhance coordination in macro-economic policy and maintain stability of the global financial system to create a favorable environment for world economic recovery. China will promote structural adjustment through structural reforms and push forward financial reforms centered on providing service for the economic entity and guarding against financial risks. We will vigorously develop medium- and small-sized banks as well as private banks to provide better financing support for the medium-, small- and micro-sized enterprises. We will build a multi-tiered capital market, redeploy social capital and reduce the leverage ratio of business capital so as to fully showcase the economic vitality. And we will provide strong support and service for mass entrepreneurship and innovation.

Li Keqiang pointed out that the IMF will review the Special Drawing Rights (SDR) this year. China hopes to join the SDR to actively participate in international cooperation in safeguarding global financial stability, and in the meanwhile to promote the further opening of the capital market and financial field of China. China will launch targeted reform measures to accelerate the realization of the convertibility of RMB capital account on the whole, promote the free use of RMB, and provide more facilitation for domestic personal cross-border investment and foreign institutional investors' investment in China's capital market, thereby promoting reform through opening-up.

Christine Lagarde said that China's reform and opening-up plays a positive and important role in global economic governance. The success of China's financial reform will set an example to other countries, which conduces to promoting global financial stability. The IMF attaches importance to its relations with China and wishes to maintain communication and cooperation with China on issues related to the SDR review.

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