Economy gives reason to be 'fully confident'

The Chinese economy has immense resilience, potential and room to maneuver, and the country's economic fundamentals will remain positive over the long term, President Xi Jinping said on Friday.

"I am fully confident in China's development," Xi said as he held talks with the managing director of the International Monetary Fund, Kristalina Georgieva, in Beijing.

China will adhere to a new development philosophy, promote high-quality economic growth and make sustained efforts to push forward a higher level of opening-up, all of which can create more opportunities for global economic growth, he said.

Xi said growth worldwide is slowing in the face of mounting downward pressure and rising protectionism, with multilateralism and free trade facing severe challenges. China promotes a global governance vision featuring consultation and cooperation for shared benefits, resolutely opposes protectionism and upholds a multilateral trading system with the World Trade Organization at its core, he said.

The president expressed hope that the IMF will continue to play an active role in the global trade agenda, safeguard a fair and open global financial market and advance development of the international order in a more just and rational manner.

China and the IMF have carried out sound cooperation in areas including strengthening the capacity building of countries involved in the Belt and Road Initiative, and the two sides should continue to deepen bilateral cooperation, Xi said.

He said he hopes the IMF, under Georgieva's administration, will improve the representation and voice of emerging markets and developing countries.

Georgieva, who is making her first visit to China since assuming her new role in October, said China is set to eradicate absolute poverty by 2020, and the nation has achieved sustained and strong economic growth through reform and opening-up. She added that she thinks the country will continue to open up sectors, including the financial sector and capital markets.

Georgieva said certain countries have caused trade frictions and the global economy is in a period of difficulty. The IMF will stand firm in upholding free and open trade, and strive for peaceful trade relationships, she said.

Georgieva also expressed a willingness to reform the IMF in progressing with the times and strengthening the sway of emerging economies.

The IMF is ready to work with China in promoting the building of a community with a shared future for mankind, step up Belt and Road cooperation and help developing countries achieve greater development, she said.

Premier Li Keqiang also met with Georgieva on Friday. China will further open up its financial, banking and securities sectors, and the country supports a strong, adequately resourced IMF, he said.