China to make due contributions to IMF resources

BEIJING - China will fulfill its obligations in boosting International Monetary Fund resources in accordance with the consensus of the international community, Chinese officials said here Monday.

Zhu Jun, a deputy director of the International Department of the People's Bank of China, the country's central bank, made the remarks at a press conference on the G20 Leaders' Summit to be held next week in Los Cabos, Mexico.

China has consistently supported the IMF in playing an important role in dealing with the European debt issue, Zhu told reporters.

Boosting IMF resources and dealing with the debt crisis are inseparable, Zhu said, noting that China has helped Europe to resolve its debt problems through several bilateral and multilateral channels.

Chinese leaders have repeatedly said that China will not stay away from boosting IMF resources, based on international consensus, Zhu said.

Zhu urged G20 member countries to push forward IMF reforms in accordance with the program established at the 2010 G20 Seoul Summit so as to provide stable, long-term resources for the IMF.

The G20 Seoul Summit in November 2010 confirmed the 6-percent shifts of quota shares to emerging economies in the IMF, and G20 committed to working to complete the quota shifts by the annual meetings in 2012.

In a communique released on April 20, the G20 countries said that in addition to the quota increase under the 2010 reform, there are firm commitments to increase resources made available to the IMF by over $430 billion.

Vice Foreign Minister Cui Tiankai told the press briefing that all members of the G20 share the obligation of putting the reform program into effect on time.

China will make due contributions according to its share, Zhu said, adding that China will disclose the specific amount at an appropriate time.