IMF and China Banking and Insurance Regulatory Commission Sign Agreement to Strengthen Technical Cooperation on Financial Sector Capacity Development

WASHINGTON, Nov. 21 -- The International Monetary Fund issued the following news release:

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- IMF to enhance cooperation with China in building capacity to support its financial sector reforms.

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As part of an ongoing effort to strengthen technical cooperation in support of China's financial sector reforms, the International Monetary Fund (IMF) and the China Banking and Insurance Regulatory Commission (CBIRC) signed a Memorandum of Understanding (MOU) today in Beijing.

The five-year MOU covers cooperation and capacity development in banking and insurance supervision and development, systemic risk prevention, implementation of Financial Sector Assessment Program recommendations, and stakeholder communications.

During her first visit to Beijing, IMF Managing Director Kristalina Georgieva and Chairman GUO Shuqing of the CBIRC agreed that intensified cooperation envisaged under the memorandum will be most helpful in supporting financial stability and development in China.

They looked forward to the mutual benefits that will arise from enhanced collaboration and welcomed the continued partnership and cooperation that underpins the strong relationship between the IMF and China.