China's economic recovery gets off to a great start this year

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. [Photo/Xinhua]

China's economic recovery has gotten off to a good start this year, laying a solid foundation for achieving annual economic targets, said Pan Gongsheng, governor of the People's Bank of China, the country's central bank.

Addressing the 49th meeting of the International Monetary and Financial Committee in Washington, held from Thursday to Friday, Pan said China's economy has witnessed a continuous recovery and solid progress in high-quality development since the beginning of this year.

This good start has laid a solid foundation for achieving the annual economic and social development goals, a PBOC statement said on Sunday, cited Pan as saying.

The PBOC has strengthened counter-cyclical adjustments and used a mix of policy tools, such as interest rates, the reserve requirement ratio and central bank lending, to create a sound monetary and financial environment for economic recovery, Pan said.

Pan also underscored the need to promote the International Monetary Fund's quota reform and take collective action in debt treatment.

The realignment of quota shares is essential for the IMF's governance, representativeness and legitimacy, he said, and all parties should collaborate to push for the IMF quota reform and reach a consensus on a new quota formula as quickly as possible.

Pan added that collective action and fair burden sharing are required for debt treatment. Multilateral development banks should bear their share of the contribution, and the private sector creditors should participate in a comparable manner.