IMF to Set Up First China-Based Regional Center in Shanghai — Update

By Jiahui Huang

The International Monetary Fund will set up a regional center in Shanghai, the first of its kind in China, to strengthen its ties in the Asia-Pacific region.

The Shanghai regional center will promote research and provide policy suggestions to emerging markets and middle-income countries, the IMF and the People's Bank of China said in a joint statement Wednesday.

The new center will collaborate with the China-IMF Capacity Development Center, which will be relocated to Shanghai from Beijing.

The IMF has been providing training in China for more than three decades, according to the CICDC website. It established a training program in Dalian in 2004, which was expanded into the China-IMF Capacity Development Center in 2017 and began providing training in Shenzhen a year later.

"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," PBOC Gov. Pan Gongsheng said.

"It may help IMF provide more accurate forecast on China's economy," said Xing Zhaopeng, a senior China strategist at ANZ Research.

Last month, the IMF raised its 2024 economic growth forecast for China to 5% from 4.6% after its team's one-week visit to China.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

June 19, 2024 00:12 ET (04:12 GMT)

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