IMF establishes regional center in Shanghai

The International Monetary Fund established a regional center in Shanghai on June 19 to strengthen communication and cooperation with Asia-Pacific economies.

The launch ceremony was held during the two-day 2024 Lujiazui Forum, which began on Wednesday. Chen Jining, Party secretary of Shanghai, Kristalina Georgieva, IMF's managing director, Pan Gongsheng, governor of the People's Bank of China, and Gong Zheng, Shanghai mayor, attended the ceremony.

The center will conduct research on sectors that are attracting the most attention in emerging markets and middle-income countries. It will also provide targeted support to economies in the Asia-Pacific to build their capabilities, which is part of the center's efforts to maintain global and regional financial stability.

Pan of PBOC, China's central bank, said the Shanghai regional center will deepen IMF's cooperation with China. It will facilitate the exchange and coordination regarding macroeconomic policies among different economies in the Asia-Pacific and safeguard regional and global financial stability, he said.

According to Georgieva, the center will help IMF better understand its members and boost international economic cooperation.