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India, China for early conclusion of IMF quota reforms

Last Updated: Saturday, September 28, 2013 - 18:18

Beijing: Facing economic slowdown, India and China have held?dialogue on structural reforms and agreed to intensify cooperation with other BRICS nations to push for reforms in international institutions for implementation of the commitment to implement IMF Quota and Governance Reforms.

"China and India called for greater international coordination on economic policies, particularly in the implementation of policy measures adopted by the G20 to boost growth and employment for promoting strong, sustainable and balanced growth of the world economy," a joint statement issued at the end of sixth Financial Dialogue between the two countries said.

The annual dialogue which started since 2005 to exchange views on bilateral and international economic and financial issues was held here September 25-26 ahead of Prime Minister, Manmohan Singh's proposed visit here next month.

The two countries agreed to intensify cooperation with other BRICS, (Brazil, Russia, India, China, South Africa) member countries towards tangible results on the initiatives on BRICS Development Bank and Contingency Reserve Arrangement in the next BRICS summit, it said.

"Both sides are committed to pushing forward reforms in the international financial institutions and urge other countries to fulfil their commitment of implementing the 2010 IMF Quota and Governance Reform expeditiously and to complete the next general quota review by January 2014," it said.

Both sides recognised that global economic recovery was still fragile with downside risks remaining high and volatility in financial markets has also intensified, the joint statement said.

"With growth picking up in advanced economies, there is a need for them to collaborate with Emerging Market Economies (EMEs) on the pace and timing of recalibration of their unconventional monetary policies and strengthen communication with the market to avoid negative spill-overs.

"As a group, the EMEs have continued to grow but the pace of growth has slowed in several countries," it said.

The two sides held in-depth discussions on new challenges facing the global economy, macro-economic situations and policies in China and India, progress on structural reforms in both countries, cooperation under multilateral frame works as well as bilateral financial cooperation, it said.

The Indian side told their Chinese counterparts, India's economic fundamentals remain strong notwithstanding the persistence of global economic meltdown.

"India has adopted bold macro-economic and fiscal management policies that seek to attain the twin objectives of inclusive development and high, sustained economic growth," it said.


First Published: Saturday, September 28, 2013 - 18:18
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