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China's economic performance should be reflected in int'l monetary system: former German banker

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China's economic performance should be reflected in int'l monetary system: former German banker

2024-05-28 01:24 Last Updated At:15:17

China's dynamic market and continued economic growth should be reflected in the international monetary and financial system, according to Andreas Dombret, former board member of the German central bank, Deutsche Bundesbank.

Dombret made the remarks on the sidelines of the international conference "80 Years after Bretton Woods: Building an International Monetary and Financial System for All" and the 2024 Tsinghua PBCSF Global Finance Forum which kicked off Monday in Hangzhou City, in east China's Zhejiang Province.

At the two-day forum, global economists and academics have gathered to discuss ways to build an international monetary and financial system that benefits the entire international community as the Bretton Woods system marks its 80-year anniversary.

During an interview with China Global Television Network (CGTN), Dombret noted that the scale of China's economy nowadays makes it more challenging to sustain its previous high growth rates.

"China's economy is now at a much different plateau than it was when I took office in 2010, which means that the larger you are, the more difficult it gets to sustain the same growth level. And it's going to come down because of the base effect of your economy being so much larger. So the International Monetary Fund is expecting the Chinese economy to grow by 4.6 percent this year, and by 4.1 percent next year. So there is a little bit of a trend of your growth coming down. And I don't think this is something unusual -- that is to be expected," he said.

The Bretton Woods system, which was forged in 1944, does not reflect China's growing importance and its contribution to the global economy, according to Dombret.

"The Bretton Woods system is 80 years old, and it was actually put into place after a major world war. So over time and over so many decades things change of course, and they always need to be reformed. The dynamic emerging markets, especially I'm thinking of course of China and India, they really have grown in importance, which needs to be reflected in their quota in the International Monetary Fund," he said.

While China's economic growth has moderated from its previous high levels, it still outpaces the global average, Dombret noted.

"China is a very, very important part of this, but it cannot sustain its high growth levels of the past, but by no means, this is a landing scenario. You are still growing, and you are growing at a higher pace than the global economy, which is growing at around about 3.2 percent so even a 4.6-percent growth this year is above the global average," he said.

China's economic performance should be reflected in int'l monetary system: former German banker

China's economic performance should be reflected in int'l monetary system: former German banker

China's economic performance should be reflected in int'l monetary system: former German banker

China's economic performance should be reflected in int'l monetary system: former German banker

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