China’s central bank governor Pan Gongsheng said on Saturday that Beijing supports the International Monetary Fund in boosting surveillance of fiscal risks in major advanced economies. He urged the IMF to analyse global imbalances and capital flows. Pan also said China supports the multilateral trading system and opposes all protectionist measures.
Bangkok, Oct 17 (Reuters) - China's central bank governor said on Saturday that Beijing supports the International Monetary Fund in boosting the surveillance of fiscal risks in "major advanced economies" and their spillover effects.
People's Bank of China Governor Pan Gongsheng was addressing the International Monetary and Financial Committee meeting during annual gatherings of the IMF and World Bank in Bangkok.
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Surging borrowing costs, chronic high fiscal deficits in major economies, and turbulent investor sentiment, aggravated by massive capital expenditures in artificial intelligence, have triggered a widespread global bond market rout.
Pan urged the IMF to analyse global imbalances and place greater emphasis on the impact of financial factors such as capital flows on these imbalances, a statement from the bank showed.
The central bank chief said China supports the multilateral trading system and opposes all forms of protectionist measures.
Earlier this week, IMF Managing Director Kristalina Georgieva said China must pivot from export-led growth towards more domestic consumption.