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Global cooperation urged to cope with crisis

(Xinhua)
Updated: 2009-04-26 10:43

Zhou Xiaochuan, governor of the People's Bank of China, called on Saturday for global cooperation to cope with the current financial crisis.

"Our most urgent tasks are to strengthen global cooperation, resolutely oppose all forms of trade and investment protectionism, stabilize financial markets and restore economic growth," Zhou said at the International Monetary and Financial Committee (IMFC) meeting held in Washington on Saturday.

Developed countries should assume "primary responsibility" for stabilizing financial markets and restoring economic growth by cleaning up toxic assets and restoring the normal function of the financial system and investor confidence as quickly as possible, and by accelerating the implementation of macroeconomic and financial policies which contribute to global economic stability and growth, he said.

"For the near term, the primary objective of monetary policy must be to prevent deflation," said the Chinese central bank chief. "Fiscal stimulus must be adequately strong."

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"At the same time, coordination of macroeconomic policies should be strengthened, negative spillover effects of policies avoided, and commitments to assist and reduce the debt of developing countries earnestly fulfilled," he added.

Zhou also noted that the crisis resolution policies must be forward-looking and embody an orderly and timely exit strategy.

The Chinese central bank governor also urged the International Monetary Fund (IMF) to push forward its own reforms and to strengthen and improve surveillance of the macroeconomic policies of major reserve currency issuers.

The IMF should pay close attention to potential spillover effects, and help avoid further spread of the financial crisis to developing countries, he said.

"It should strengthen surveillance of international capital flows, and promote relative stability in the exchange rates of the major reserve currencies," said Zhou.

"At the same time, based on the consensus of the London G-20 summit, the Fund should actively press ahead with its own reforms, launching quickly as possible quota reform in accordance with the schedule and roadmap formulated at the summit, and effectively utilizing supplemental resources to support developing countries in responding to the financial crisis and maintaining economic growth," he said.