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

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

On his second official visit to China, Prime Minister of the Republic of Vanuatu Charlot Salwai expressed admiration for China's remarkable ability to balance preserving its cultural heritage with embracing innovative transformation.

Salwai paid an official visit to China from July 7 to 12. During his trip, he toured the southern province of Guangdong and explored the megacities of Beijing and Shanghai. His visit included tours of high-tech companies, a ride on a high-speed train, and a performance of traditional Cantonese opera.

In an interview with China Central Television Network (CCTV) aired on Friday, Salwai recounted his journey starting with a warm welcome that included enjoying Beijing Roast Duck, also known as Peking Duck -- a culinary delight introduced to him by the Chinese ambassador in Vanuatu.

"Many had to say. Peking Duck. Because we had it here on our arrival, so it was very tasty. And I understand that the Chinese ambassador in Vanuatu brought us to one of the traditional restaurants, small but beautiful," he said. The prime minister sees China's preservation of its culture as a vital lesson in understanding one's roots and the journey to the present day, acknowledging China's efforts to integrate cultural preservation with modernization.

"It's going to be my second official visit to China. I'm always impressed to see big changes and especially innovations made by China and especially the cities. Because a big impression is to see how China continues to maintain and keep its culture. Because I think it's the basis of everything -- to know where you come from and to understand where we are today. I feel that China is doing a lot to maintain its culture, but at the same time, doing, innovating to transform its culture,” Salwai said.

He also emphasized the importance of learning from China's sustainable development strategies.

"Today, it comes from a long way, some hardship, the government, and also the people of China. So, I'm impressed to see what is done, especially how China associates infrastructure development with nature. That's meant to keep, continue to keep the environment. It takes effort with the climate change by maintaining the ecosystem. I think it's something that, for a small country like Vanuatu, is important to learn. So, we are here. I'm here with my delegation to learn," Salwai said.

Vanuatu's PM commends China's cultural preservation, innovation amid fast growth