Xuan Changneng attended the Global Sovereign Debt Roundtable, an International Monetary and Financial Committee briefing and the Institute of International Finance’s Custody Committee annual meeting during the IMF and World Bank annual meetings in Bangkok from October 14 to 17, the People’s Bank of China said. He said rising risk-free rates in global markets have raised financing costs for developing countries and added to their debt burdens, and that parties should strengthen multilateral cooperation under a principle of common action and fair burden sharing, including an effective mechanism for private-sector participation in debt restructurings on comparable terms.
He also called for improving the IMF and World Bank debt sustainability framework for low-income countries, defining the scope of public debt properly and sharing more information with creditors, and said China would press ahead with expanding domestic demand and new infrastructure investment. On the sidelines he met the heads of the Danish central bank, Bank of England Deputy Governor Breeden, BNP Paribas, Euroclear, BlackRock and Citigroup, among others, to discuss the global economy and bilateral cooperation.