10th Nov. 2011 – Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF) emphasized the important role of Asia, and especially China, in achieving global economic recovery.
“The rise of Asia in the global economy is really the defining economic success story of modern times. And so today, it is no surprise that Asia is propelling the global recovery,” she said in a speech at the International Finance Forum in Beijing.
She noted in particular the achievements of China in growing by an average 10 percent a year and pulling half a billion people out of poverty over the past three decades. “No wonder that when I visit this region, I feel that I am filled with hope and optimism about the future.”
Ms. Lagarde said that “in our increasingly interconnected world, no country or region can go it alone. We are bound together by our economic success–or failure.”
She added that the advanced countries had a special responsibility to enact policies to restore confidence and lift growth. She said that she was encouraged by the framework agreed by Euro Area Leaders on October 26 and the G20 endorsement of it at Cannes.
Ms. Lagarde called on the advanced economies to strike the appropriate balance in fiscal and monetary policies to promote stability and growth, push ahead with structural policies to boost competitiveness and employment, and strengthen financial regulation to make the financial sector safer and to put it back in the service of the real economy. source: IMF