2004 annual meeting of IMF, World Bank concludes
WASHINGTON, Oct. 3 (Xinhuanet) -- The 2004 annual meeting of the International Monetary Fund (IMF) and the World Bank ended on Sunday with world financial leaders calling for measures to lower the oil prices and to reduce debt burden of poor countries.

Zhou Xiaochuan, governor of the People's Bank of China, speaks at the annual meeting of the Intern ational Monetary Fund (IMF) and the World Bank. (Xinhua photo)

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IMF Managing Director Rodrigo de Rato (R) shares a laugh during the World Bank/IMF Annual Meetings closing press conference with World Bank President James D. Wolfensohn (L) and Annual Meetings Chairman and Minister of Trade and Industry from Singapore Hng Kiang Lim (C) 03 October 2004, in Washington, DC. (Photo: Xinhua/AFP)
Chinese Finance Minister Jin Renqing (2nd L) and Governor of People's Bank, the central bank, Zhou Xiaochuan (2nd R), hold informal talks with their counterparts of the Group of Seven industrial countries in Washington, Oct. 1, 2004. It was the first of such talks between China and the G7.
Zhou Xiaochuan (2nd R Front), governor of the People's Bank of China, attends a meeting of the International Monetary and Financial Committee (IMFC) in Washington, the United States, Oct. 2, 2004. (Xinhua photo/Lu Mingxiang)
China's central bank governor Zhou Xiaochuan (L) talks with US Federal Reserve Chairman Allan Greenspan (R) before a G7 nonofficial talk in Washington, D.C., October 1, 2004. (Xinhua Photo)

Chinese official warns of risks facing world economy   

WASHINGTON, Oct. 3 (Xinhuanet) -- Governor of the People's Bank of China Zhou Xiaochuan said on Sunday that the world cannot ignore the risks and challenges to sustained growth of the global economy.

Speaking at the annual meeting of the Intern ational Monetary Fund (IMF) and the World Bank, Zhou said that, affected by the geopolitical situation and the dynamics of supply and demand, the rise in the world oil prices has triggered widespread concerns with a marked correlation between financial market volatility and changes in oil prices.

Complex geopolitical issues and terrorism pose threats to global peace and development, he said. The economic structural problems of the major developed countries are having a potentially negative impact on global economic development, exchange rates and even financial market stability.

He also said that the new round of interest rate increases not only will narrow the long- and short-term interest rate spread and squeeze the profitability of financial institutions, but will also increase the financing costs of developing countries.

Zhou pointed out that emerging markets' resilience to external shocks is still weak and the many low-income and developing countries have a formidable task in revitalizing their economies through structural reform. Unfair trade system and lack of external financial assistance are seriously hindering development in these countries.

The Chinese central bank governor said that China appreciates the IMF's efforts to promote global economic and financial stability by strengthening surveillance and China believes that the IMF should place greater focus on surveillance of the major developed countries that have a significant impact on the global economy.

The developed countries should be encouraged to better coordinate their economic policies, maintain exchange rate stability for the major currencies, increase financial aid to the developing countries and open their markets to them, Zhou Xiaochuan said.

The annual meeting of the IMF and the World Bank will end on Sunday.

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