IMF Inaugurates New Regional Center in Shanghai

Shanghai, China: The International Monetary Fund (IMF) and the People's Bank of China (PBoC) today announced the opening of a new IMF regional center in Shanghai, People's Republic of China.

The Shanghai Regional Center is being established to further strengthen the IMF's engagement and partnership in the Asia-Pacific region. The Center will serve as a hub to promote research that can inform policies in areas of interest to emerging market and middle-income countries. It will help deepen the IMF's dialogue with member countries and other stakeholders in the region, including international financial institutions, academics, think-tanks, CSOs, and the private sector.

The Center will also facilitate targeted capacity building in the region, including through peer-to-peer learning, in cooperation with the China IMF Capacity Development Center (CICDC), which will be co-located with the new Center to maximize synergies. The Shanghai Regional Center will complement the IMF's other regional centers and offices that serve a variety of functions.[1]

The IMF is grateful to the People's Republic of China for its generous financial contributions to the Shanghai Regional Center and for the continued support in boosting capacity development for IMF members through the CICDC.

People's Bank of China Governor Pan Gongsheng said: "We welcome the establishment of the IMF Regional Center in Shanghai. We believe the Shanghai Regional Center will deepen cooperation between the IMF and China, enhance macroeconomic policy exchange and coordination among the Asia Pacific countries, and support regional and global financial stability."

IMF Managing Director Kristalina Georgieva made the following statement: "I welcome this important initiative with the People's Bank of China to establish the Shanghai Regional Center. The center will further strengthen the IMF's engagement in the dynamic Asia Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation."

[1] The IMF currently has 20 regional centers and offices worldwide (including CICDC).

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