Chinese President Xi Jinping met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Beijing on Friday. President Xi extended his welcome for Georgieva’s first visit to China as IMF Chief.

President Xi said Global Economic growth is slowing down with increasing downside risks, protectionism in the world is on the rise, and multilateralism and free trade are facing severe challenges.

The International Community has higher expectations for the Role of the IMF

“I hope that under your administration, the IMF will further improve the international currency and its governance system, and enhance the representation and voice of emerging markets and developing countries,” said President Xi.

The Chinese President expressed the hope that the IMF will continue to promote global trade, safeguard a fair and open global financial market, and advance the development of the international order in a more just and rational manner.

President Xi said in recent years, China and the IMF have carried out sound cooperation in strengthening the capacity building of countries involved in the Belt & Road Initiative.

“China is willing to continuously deepen cooperation with the IMF,” said President Xi.

Stressing that China’s economic development has great resilience, potential and room for manoeuvring, President Xi said the long-term positive trend of China’s economic growth will not change.

“I am full of confidence in China’s development,” said President Xi, noting that China will stick to the new vision for development, forge ahead high-quality economic development, continuously promote a higher level of opening up, and bring more opportunities to the world economic growth.

Georgieva said China aims to eradicate absolute poverty by 2020, and the goal is of landmark significance for China and the world. China has achieved sustained and strong economic growth through reform and opening up. It is believed that China will continue to remain open to the outside world in various fields including finance and capital.

The IMF attaches great importance to its relationship with China and will continue to deepen cooperation with China, she said.

Noting that a certain country has provoked trade disputes and the world economy is currently in a difficult period, Georgieva said the IMF firmly supports free and open trade and strives to achieve peaceful trade relations.

She said the IMF is ready to carry out reforms in line with the needs of the times and enhance the weight of emerging economies.

Georgieva also expressed the willingness to work with China to advance the building of a community of a shared future for humanity and strengthen Belt & Road Cooperation.