IMF Managing Director Horst Köhler's Visit to Beijing, China

Mr. Horst Köhler, Managing Director of the International Monetary Fund, held a series of meetings with senior Chinese leaders on June 1 and 2 as part of his visit to Asian capitals. Mr. Köhler met with Premier Zhu Rongji; the Governor of the People's Bank of China Dai Xianglong; and Finance Minister Xiang Huaicheng. The meetings were intended to allow Mr. Köhler to hear the views of the Chinese authorities on issues related to the international financial system, the reform of the IMF, and China's role in the Fund. The meetings were cordial and informative, and covered a number of key issues in depth.

• Mr. Köhler specifically praised China for its role in overcoming the Asian crisis, particularly by helping to restore stability in the region's foreign exchange markets and by maintaining a solid growth performance;

• Mr. Köhler shared the authorities' view that impending entry into the WTO provided great opportunities, but highlighted the need for China to continue with reforms to strengthen the financial and enterprise sectors and to enhance its international competitiveness. The membership of the Fund will appreciate the further opening of the economy of China, which is an important member of the IMF. Mr. Köhler expects China to play a significant role in the discussion of the strengthening of the international financial system and the reform of the IMF.

Mr. Köhler looks forward to regular contacts with the Chinese authorities in the future, as well as China's important contributions to the business of the IMF. Mr. Köhler proceeded to Seoul, Korea on June 2 for the next leg of his Asian visit. Before China, he visited Thailand. From Korea, he will travel to Indonesia and India.