Press Release No. 17/170

IMF and the People’s Bank of China Establish a New Center for Modernizing Economic Policies and Institutions

May 14, 2017

• IMF welcomes China's commitment to strengthening its collaboration with the Fund on capacity development
• Through hands-on training courses and workshops that will address topical macroeconomic issues, the CICDC will support government officials from China and other countries - including from countries associated with "Belt and Road" Initiative - in effective institution-building and policymaking.
• The CICDC will be anchored in Beijing.

The IMF welcomes China’s commitment to strengthening its collaboration with the Fund on capacity development. Zhou Xiaochuan, Governor of the People’s Bank of China (PBC) and Christine Lagarde, Managing Director of the International Monetary Fund (IMF), today signed a Memorandum of Understanding to establish a new China-IMF Capacity Development Center (CICDC). They underlined the mutual benefits that arise from the establishment of the CICDC and cooperation between China and the IMF, including on capacity development.

Through hands-on training courses and workshops that will address topical macroeconomic issues, the CICDC will support government officials from China and other countries–including from countries associated with the “Belt and Road” Initiative–in effective institution-building and policymaking. The CICDC will be anchored in Beijing and support training activities both inside and outside of China.

Zhou Xiaochuan, Governor of the PBC said："The PBC has long valued our cooperation with the IMF in capacity development. We believe that establishing a new capacity development center in China is not only in the interests of China and the IMF, but also serve the interests of countries along the "Belt and Road" Initiative."

IMF Managing Director Christine Lagarde made the following statement at the signing ceremony: "I very much welcome the initiative of the People’s Bank of China to establish a new center for capacity development and strengthen cooperation with the IMF. Our joint work in this area will focus on building effective policies and institutions as well as strengthening related human capacities. We are very pleased to be a partner in this important initiative."

Background Information:

The IMF’s capacity development efforts are part of its core mandate and help governments modernize their economic policies and institutions. A global network of regional capacity development centers anchor IMF support for economic institution building and are complemented by global thematic funds for capacity development. They are financed jointly by the IMF, external development partners, and member countries.

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