Mr. Cheng Siwei, Chairman of the International Finance Forum,

Mr. Dai Xianglong, Chairman of the International Finance Forum,

Secretary General Zhang Jizhong of the International Finance Forum,

 

I am very pleased to address the opening of the International Finance Forum (IFF) 10^th Anniversary Annual Meeting. Over the past decade, the International Finance Forum (IFF) has provided an important international platform for discussing how to build a more stable and development-oriented international financial framework.

 

During this decade, the world has experienced a long financial and economic crisis. In order to prevent the crisis from repeating, we must deal with the fragility and imbalance of the current economic and financial system. In addition, we need to reform this system to better support poverty reduction, employment and sustainable development. Coordination of macroeconomic policies can help reduce global risks and strengthen global financial security networks. As the main driving force for the global economic recovery, China has the ability to make great contributions to this.

 

In the process of striving to achieve the “New Millennium Development Goals” and the “post-2015 International Development Agenda”, we face several major challenges.

 

First, we need the financial system to direct investment to global sustainable development and inclusive economic growth. Although the funding needs in this area seem huge, they still account for a relatively small share of global savings.

 

Second, we must reduce the excessive accumulation of foreign exchange reserves to cope with global imbalances. This part of the funds should be applied to the realization of development goals.

 

Third, private capital flows are still very unstable and urgently need to be properly managed. We should be detached from financial stability and stand on a higher level of financial supervision. We should pay more attention to the improvement of financing channels to support long-term stable growth.

 

Fourth, multilateral cooperation remains crucial. Enhanced cooperation between the International Monetary Fund, central banks and regional and sub-regional mechanisms is needed.

 

Fifth, we need to take further steps to achieve a more representative, more responsive, and more responsibilities-based global governance structure that seeks the fair and active participation of emerging economies and developing countries.

 

Finally, the current Eurozone debt crisis once again highlights the sovereign debt problems that exist in the international financial framework.

 

In dealing with all these challenges, we all need China to participate and play a leading role.

 

I hope that this year's annual meeting will discuss how China and the international community can work together in a challenging environment and wish the discussion a fruitful outcome.

 

(This article is a speech by Mr. Ban Ki-moon at the 2013 International Annual Meeting of IFF)