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China: Int'l cooperation 'key to stability'

(China Daily)
Updated: 2008-10-13 07:58

Deputy Governor of the People's Bank of China Yi Gang called for international cooperation on Saturday to restore global financial stability.

"Our current priority is to enhance international cooperation to prevent further deterioration and spillover of the crisis, and restore global economic and financial stability," Yi said.

The deepening and widening of the US financial crisis have triggered a major global slowdown and escalated uncertainty, Yi said in a statement at the 18th meeting of the International Monetary and Financial Committee (IMFC) in Washington on Saturday.

While developed economies have slowed significantly since the US subprime crisis, emerging market economies have maintained strong growth. But the deteriorating external environment is putting their macroeconomic policies' resiliencies to the test, he said.

The crisis has underscored the financial markets' shortcomings, Yi said. He also expressed hope the developed economies' stabilizing measures will calm markets and restore confidence.

"Through such joint efforts, we hope global financial stability can be safeguarded," he said.

According to their status, Yi said, the major reserve currency-issuing countries should shoulder the responsibility for preventing further spillovers .

For a balanced and steady -growth, efforts should be made to advance structural reforms and increase savings, he said.

The International Monetary Fund (IMF) - at the core of the international monetary system - should carry out its mandate to safeguard global economic and financial stability, he said.

The IMFC is the steering committee of the 185-nation lending institution.

Yi also said that as the crisis' impact on the real economy is much worse - and the recovery more protracted and difficult - than expected, the risk of deflation in some countries as a result of the credit crunch has increased significantly.

"It is imperative that the major advanced economies coordinate rapid implementation of bailout packages to avoid deflation and facilitate the global recovery," Yi said.

"However, we should be aware that the injection of liquidity from these emergency measures could be a potential source of inflation in the medium and long term," the deputy governor said.

Xinhua