On October 13-14, 2023, the International Monetary and Financial Committee (IMFC) convened its 48th meeting in Marrakech, Morocco, and discussed issues regarding the global economic and financial landscape and the work of the International Monetary Fund (IMF). Pan Gongsheng, the PBOC Governor and SAFE Administrator attended the meeting and delivered remarks. Deputy Governor Xuan Changneng also attended the meeting.

The meeting was of the view that the global economy has been resilient but the recovery has been slow and uneven. Current policy priorities are to durably reduce inflation, safeguard financial stability, ensure fiscal sustainability while protecting the most vulnerable, and boost inclusive and sustainable long-term growth. The participants reaffirmed commitment to a strong, quota-based, and adequately resourced IMF at the center of the global financial safety net, and commit to concluding the 16th General Review of Quotas in a timely manner. The meeting supports IMF's efforts to help countries durably address debt vulnerabilities, and welcomes the review and reform of IMF's lending facilities.

Governor Pan pointed out that the Chinese economy has continued to recover and has generally been on an upward trajectory this year. Recently, positive factors and highlights in the Chinese economic performance are on the rise, and  expectations have improved. The growth rates of manufacturing and service sectors went up, while the recovery of market sales accelerated, investment in fixed assets continued to grow, and investment in high-tech industries maintained fast growth. Going forward, China will pay more attention to the balance between economic growth and sustainability, and actively promote high-quality and sustainable development while maintaining a reasonable growth rate.

Governor Pan stated that China has implemented a sound monetary policy in a targeted and forceful manner, and enhanced counter-cyclical adjustments. By so doing, China has effectively addressed risks and challenges at home and abroad, and reinforced the momentum of economic recovery. The PBOC will continue its efforts, ride on the momentum to intensify macro adjustments, and give full play to the role of monetary policy instruments in adjusting both the aggregate and the structure. It will also focus on expanding domestic demand, boosting confidence, and expediting a virtuous circle of the economy so as to provide stronger support for the real economy.

Governor Pan stressed that, China always believes that the quota reform of the IMF is supposed to achieve quota increase and realignment, in order to show the quota-based nature of the IMF, reflect members' relative positions in the global economy, and strengthen the voice and representation of emerging markets and developing countries. China supports the IMF's efforts to promote the channeling of Special Drawing Rights (SDRs). China has implemented the G20 Debt Service Suspension Initiative (DSSI) in a responsible manner, and will work with other parties to make further progress. Collective action and fair burden sharing are required to solve sovereign debt issues. Multilateral Development Banks (MDBs) should bear their shares of contribution, and the private sector creditors should participate in a comparable manner. The IMF, as a key multilateral financial institution, should continue to call for the removal of arbitrary restrictions on trade, investment, and supply chains as soon as possible, prevent global economic and financial fragmentation, and promote more just and equitable global governance.