People's Bank of China presses IMF to speed up quota share reform in meeting with Managing Director Georgieva

The People's Bank of China published a readout of Governor Pan Gongsheng’s meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva during the IMF/World Bank Spring Meetings, covering China–IMF cooperation and IMF governance reform. Pan called for the IMF to accelerate adjustments to members’ quota shares so they better reflect countries’ relative weight in the global economy and increase the representation of emerging market and developing economies. Pan also pointed to a more complex and volatile global economic environment, said China would continue to provide the support the IMF needs, and urged the IMF to keep advancing multilateral cooperation to safeguard global economic and financial stability. He described quota-based governance as central to the IMF and framed quota share realignment as the most important element of governance reform, stressing the necessity and urgency of delivering it quickly; Vice Governor Xuan Changneng attended the meeting.