China To Actively Support IMF, Zhou said

MEDELLIN, Colombia--People's Bank of China Governor Zhou Xiaochuan said Saturday that China is ready to actively join in the international effort to enhance the results of the International Monetary Fund and other multilateral lenders.

In a speech before the Inter-American Development Bank meetings being held in Medellin, Zhou outlined the need to emphasize greater regulatory reform.

He also called for a better balance of savings on a global level and for "greater responsibility for the banking sector."

In the wide-ranging speech, Zhou also said that China is ready to boost economic, trade and other ties between his nation and those in Latin America.

"We see huge potential for economic ties and trade between Latin America and China," he said, noting that China has a free-trade pact with Chile, has concluded negotiations for such a pact with Peru and could have one with Costa Rica.

"The potential for China to make foreign direct investment in the region is huge," he said, adding that some sectors of special interest are in pharmaceuticals, computer software, aeronautics and biological products.

He added that there was also potential in the finance, tourism and transportation sectors.

"We have every reason to believe that with joint efforts we can overcome the current difficulties and bring our cooperation to a new level," he added.

(Dow Jones)

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