It is my great pleasure to have Mr. Kohler join me to discuss with you on the issues of the world economy and China's reform and development. This is Mr. Kohler's fourth visit to China since he took the office of the Managing Director of the IMF. The frequent exchange of visits between the Chinese authorities and the IMF top management highlights a persistent strengthening of bilateral cooperation between the two sides. Since it resumed its legitimate membership in the IMF in 1980, China has enjoyed a good working relationship with the IMF. In the early 1980's, China borrowed about US$1.6 billion on three occasions from the IMF due to temporary difficulties in its balance of payments. These loans had all been paid up by the end of 1991.
Over the past 20 years, the IMF has offered a series of valuable policy advice in the process of establishing a socialist market economy in China through annual consultations, technical assistance and training programs. IMF's positive and objective assessment of China's economic development and policies has greatly helped the international Breitling Replica(http://www.imitatewatch.com/GoodsBrand/Replica-Breitling-Watches-19.html) community to have a full and correct understanding of China. In 2000, China signed a joint-training program with the IMF. With the completion of the construction of the joint-training center in Dalian, the bilateral cooperation in the area of personnel training will enter a new phase. Therefore, please allow me to take this opportunity to express our heart-felt thanks to you, Mr. Managing Director, and through you, to all the staff of the IMF, including those retired staff who once contributed to China's reform and opening up. As, a member of the IMF, China has also actively participated in and supported various activities of the IMF, fulfilled its obligations, and given support to IMF's concessionary financial programs to aid poor countries. Thanks to its favorable balance of payments and sufficient foreign exchange reserves, China has been a net contributor of resources to the IMF for many years.
More than two decades of cooperation with the IMF also witnessed profound achievements made by China in the same period in its reform and opening up. During such a period, China's GDP has quadrupled, the economic structure has markedly improved, a market economic system has been preliminarily established, the opening up has entered new phases, the financial industry has made strides of historic significance, and the macro-control has been remarkably strengthened. China's international status has been enhanced to a certain extent. The ranking of China's quota in the IMF rose from the place to the 8th place. In this regard, I would like once again to express my gratitude to Mr. Kohler and his colleagues in the IMF for their support.
China will continue to push forward its reform and opening up in an active and prudent way, and we would continue to welcome valuable policy advice and technical assistance from the IMF in this course. As one of the three most important international economic organizations in today's world, the IMF enjoys a global membership. It is playing an Patek Philippe Replica(http://www.luv-replica.com/GoodsBrand/Patek_Philippe_Replica_Watches-17.html) increasingly important role in safeguarding international financial stability, promoting the steady and balanced growth of world trade, and encouraging orderly cross-border capital flows. Particularly in recent years, the IMF has launched Financial Sector Assessment Program, encouraged its members to implement international standards and codes of good practices, combated money laundering and terrorism-related financing activities, and built a new framework for global financial stability and the balanced growth of global economy.
Ladies and Gentlemen, I am confident that with the superb leadership by Mr. Kohler, the hard work of all the Fund staff, as well as the joint efforts of all the Fund members, we are bound to strengthen cooperation and mutual understanding, and the Fund will be able to realize its purpose step by step to promote a balanced and sustained growth of global economy. Thank you.
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