China talks leave Lagarde 'positive'
Source: Agencies |
June 10, 2011, Friday
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Print Edition
Print Edition
FRENCH Finance Minister Christine Lagarde said yesterday she was "very positive" after talks with Chinese officials about her candidacy to head the International Monetary Fund. She also said China's stake in the body should increase.
Lagarde is on a global tour to promote her candidacy to succeed Dominique Strauss-Kahn, who quit after he was charged with sexually assaulting a New York hotel maid.
The other declared candidate is Mexico's central bank governor, Agustin Carstens, who is due to visit Beijing next week.
China has given no sign who it supports but says it wants the next IMF chief to be selected through "democratic consultations."
China, India and other developing countries have called for an end to the convention that a European head the IMF but they have yet to agree on their own candidate.
Lagarde said she discussed her candidacy on Wednesday with Chinese Finance Minister Xie Xuren, Vice Premier Wang Qishan and Zhou Xiaochuan, governor of the central bank.
"I am very positive about my trip to China," Lagarde said at a news conference.
She said she was "very confident" but it was too early to say if she would win. She said the selection should be "open, transparent and merit-based," echoing Chinese statements.
Debt crises
The IMF lends money to countries to help resolve balance of payments problems and has played a key role in trying to solve debt crises in Europe. Nominations for managing director close today and the body's 24-member executive board is to vote on June 30.
A Chinese Foreign Ministry spokesman said Lagarde and Chinese officials discussed her candidacy and reforms of global financial standards and institutions. But he gave no sign whether Beijing would support her. "China hopes relevant parties will make the final decision through democratic consultations," spokesman Hong Lei said at a regular briefing.
In a reflection of China's economic importance, interim IMF leader John Lipsky was also in Beijing for separate meetings with officials to discuss a study of the Chinese economy and a joint assessment with the World Bank of changes in its financial system.
The financial assessment is "the start of a deepening engagement with China" on financial reforms, Lipsky said. He said the fund recommended changes including relaxing controversial currency controls to make China's yuan fully convertible.
Lagarde expressed support for changes in the IMF structure that are raising the voting power of China and other major developing countries to reflect their increased economic stature.
Lagarde is on a global tour to promote her candidacy to succeed Dominique Strauss-Kahn, who quit after he was charged with sexually assaulting a New York hotel maid.
The other declared candidate is Mexico's central bank governor, Agustin Carstens, who is due to visit Beijing next week.
China has given no sign who it supports but says it wants the next IMF chief to be selected through "democratic consultations."
China, India and other developing countries have called for an end to the convention that a European head the IMF but they have yet to agree on their own candidate.
Lagarde said she discussed her candidacy on Wednesday with Chinese Finance Minister Xie Xuren, Vice Premier Wang Qishan and Zhou Xiaochuan, governor of the central bank.
"I am very positive about my trip to China," Lagarde said at a news conference.
She said she was "very confident" but it was too early to say if she would win. She said the selection should be "open, transparent and merit-based," echoing Chinese statements.
Debt crises
The IMF lends money to countries to help resolve balance of payments problems and has played a key role in trying to solve debt crises in Europe. Nominations for managing director close today and the body's 24-member executive board is to vote on June 30.
A Chinese Foreign Ministry spokesman said Lagarde and Chinese officials discussed her candidacy and reforms of global financial standards and institutions. But he gave no sign whether Beijing would support her. "China hopes relevant parties will make the final decision through democratic consultations," spokesman Hong Lei said at a regular briefing.
In a reflection of China's economic importance, interim IMF leader John Lipsky was also in Beijing for separate meetings with officials to discuss a study of the Chinese economy and a joint assessment with the World Bank of changes in its financial system.
The financial assessment is "the start of a deepening engagement with China" on financial reforms, Lipsky said. He said the fund recommended changes including relaxing controversial currency controls to make China's yuan fully convertible.
Lagarde expressed support for changes in the IMF structure that are raising the voting power of China and other major developing countries to reflect their increased economic stature.
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