Chinese PM meets IMF chief

Chinese Premier Li Keqiang met with the International Monetary Fund (IMF) chief Christine Lagarde on Tuesday, pledging to work with the IMF to promote international economic cooperation and free trade.

Li extended his welcome to Lagarde for attending the third "1+6" Roundtable with leaders of major international economic and financial institutions.

Chinese Premier Li Keqiang meets with the International Monetary Fund (IMF) chief Christine Lagarde on Tuesday in Beijing on November 6, 2018. [Photo: gov.cn]

The premier said the global economy is faced with increasing instabilities and uncertainties as well as the resurgence of protectionism. "China is ready to stay in close touch and coordination with major international economic institutions including IMF on promoting international economic cooperation and free trade, so as to inject stabilizing forces into the global economic recovery and financial markets," Li added.

Chinese President Xi Jinping has reaffirmed to the world at the first China International Import Expo (CIIE) that China stays firmly committed to the opening up policy and will take concrete steps to advance it, Li noted.

While maintaining financial stability, China will open the financial market wider to the world in an orderly way, particularly in sectors such as banking, securities, funds, futures and life insurance. China will allow solely foreign-owned firms and give them full licenses as soon as possible, he said.

Chinese Premier Li Keqiang meets with the International Monetary Fund (IMF) chief Christine Lagarde on Tuesday in Beijing on November 6, 2018. [Photo: gov.cn]

"China will devote more efforts to streameline administrative procedures, cut taxes and fees, and bring down market transaction costs," Li said.

Talking about monetary policies, the premier said that China will give support to private as well as small and micro-sized businesses in a more targeted way, instead of resorting to a deluge of strong stimulus measures.

Lagarde said that IMF felt China's firm confidence to support free trade and further open up, and is heartened by the current reform and opening up measures taken by China, particularly those in opening up the financial market.

The IMF stands ready to shore up communication and coordination with China to jointly safeguard international financial stability and the sustainable development of world economy, Lagarde said.