Speech

Opening Remarks at the China Development Forum

March 23, 2014

By Christine Lagarde, Managing Director, IMF

Beijing, China, March 23, 2014

As prepared for delivery

Your Excellence, Vice Premier ZHANG Gaoli, Distinguished Guests, Ladies and Gentlemen;

Good morning. Zao Shang Hao! 早上好！

It is a great privilege to be back in Beijing, especially among such esteemed company, marking the 15^th anniversary of the prestigious China Development Forum.

I would like to thank Mr. Li Wei and his colleagues at the Development Research Center of the State Council for inviting me here today.

Over the years, the China Development Forum has done an outstanding job of bringing together thought leaders and policymakers around the defining issues facing the modern Chinese economy.

This year’s discussion—centered on the theme of “To Comprehensively Deepen Reform”—comes at a particularly momentous time for China’s economy.

China is about to embark on the next phase of its remarkable journey, a journey that has propelled it to the top tier of the global economy and lifted hundreds of millions of people out of poverty in a remarkably short period of time.

This new transformation will come with three key dimensions—a firm destination, a clear roadmap, and a deep sense of global responsibility. What do I mean by this?

• First, a firm destination. After showing great economic leadership, especially during the recent global financial crisis, China has its eyes fixed firmly on its next destination—aiming for higher quality, more inclusive, and more sustainable growth.

• Second, a clear roadmap. Here, I am referring to the Third Plenum Reform Blueprint, which outlines the reforms needed to reach this destination. These reforms are ambitious. They will require hard decisions and tradeoffs, but I am confident that China will rise to the challenge—as it has always done.

• Third, deeper global responsibility. As China’s share in the global economy continues to rise, so will its responsibility in supporting the global common good—global financial stability, environmental sustainability, and the global rules of the game. The IMF will be a key forum for this kind of global cooperation, and I welcome a strengthened partnership with China.

I firmly believe that this reform program will secure the "Chinese dream" for the next generation, and in doing so, will benefit the entire global economy. I look forward to fruitful discussions surrounding this next great transformation and China’s continued global economic leadership.

Thank you.