IMF Establishes Regional Center in Shanghai, China... "Expecting Deepened Cooperation"

The International Monetary Fund (IMF) is establishing its first regional center in Shanghai, China.

According to China's Pengpai Newspaper on the 19th, the IMF announced this at the annual 2024 Lujiazui Forum held in Shanghai. The Shanghai center is planned to be established as a global regional center aimed at enhancing economic exchanges and cooperation in the Asia-Pacific region and conducting research on emerging countries. Supporting middle-income countries and regional economies, as well as strengthening capabilities to maintain global financial stability, are also among the purposes of the establishment.

[Image source=Reuters Yonhap News]

Pan Gongsheng, Governor of the People's Bank of China, said, "We welcome the establishment of the IMF's Shanghai regional center," adding, "We hope to deepen cooperation between the IMF and China, strengthen macroeconomic policy exchanges, promote coordination among Asia-Pacific countries, and improve global financial stability."

The IMF Shanghai center will collaborate with the China-IMF Capacity Development Center (CICDC), which is scheduled to move from Beijing to Shanghai. The CICDC is an institution jointly established by the IMF and the Chinese government, providing training for over 30 years to strengthen economic management capabilities in China and other Asian countries.

Kristalina Georgieva, Managing Director of the IMF, stated, "We welcome the establishment of the Shanghai center in cooperation with the People's Bank of China," adding, "The center will further enhance the IMF's work in the dynamic Asia-Pacific region, help the IMF gain a deeper understanding of member countries' perspectives, and promote international economic cooperation."