PBOC governor advocates for strengthening of developing countries

Pan Gongsheng, governor of the People's Bank of China, the country's central bank, has advocated for strengthening the representation of developing countries via the International Monetary Fund's quota reform while calling for collective action and fair burden sharing in solving sovereign debt issues.

Pan said China always believes that the quota reform of the IMF is supposed to achieve quota increase and realignment, in order to show the quota-based nature of the IMF, reflect members' relative positions in the global economy and strengthen the voice and representation of emerging markets and developing countries.

Pan, who is also head of the State Administration of Foreign Exchange, made the remarks during a two-day meeting of the International Monetary and Financial Committee through Saturday in Marrakech, Morocco.

China has implemented the G20 Debt Service Suspension Initiative (DSSI) in a responsible manner and will work with other parties to make further progress, a PBOC statement cited Pan as saying on Saturday.

Collective action and fair burden sharing are required to solve sovereign debt issues, Pan said, while multilateral development banks should bear their shares of contribution and private-sector creditors should participate in a comparable manner.