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Chinese Embassy in UK
Home > Embassy News > 2009
Ambassador Fu Ying Interviewed by BBC World News Channel
2009/05/18

Host: China is undoubtedly one of the key participants at the G20 Summit. We have here with us Her Excellency Fu Ying, Chinese Ambassador to the UK. Welcome to BBC News.

Fu Ying: Thank you for the invitation.

Host: First I would like to know what is China's expectation for the Summit?

Fu Ying: China comes with an expectation for solidarity, cooperation and confidence-building. We hope that the participating countries can send out a single signal to demonstrate to the world that we are working hard to recover the market and rebuild confidence. We will also reconfirm our opposition against protectionism and commitments to assist poor countries.

Host: Considering that the US and UK have different views with the countries on the European continent on whether to adopt the new global stimulus package, do you see any possibility for agreements?

 Fu Ying: I believe parties concerned can reach some agreements on this issue. We believe that all countries should do their best to stimulate economic growth in light of their own capacity and conditions, as they are hit differently by this financial crisis.

Host: In this financial tsunami, China obviously is much more resilient than most of the other countries. Is China willing to inject more capital to the world economy? If so, does China expect any reward?

Fu Ying: China does not fare much better. The crisis has already taken a heavy hit on us. However, banks have not suffered much due to strong governmental regulation. But the crisis has affected many ordinary people and their families. It affects employment. Migrant workers lose their jobs. College graduates find it hard to get jobs. Therefore, it is crucial for China to work with other countries to prevent a further recession of global economy.

China contributed a lot to tackle the crisis. For instance, we entered into currency exchange agreements or Chiang Mai Initiative with many of our neighbours. We provided help to the World Bank and offered assistance to certain countries through bilateral channels. We support additional funding to the IMF and are ready to increase contribution based on the existing quota, which is less than 4%. We also hope to see reform in IMF's governing structure and quota system and are ready to make more contribution after the reform. Given that reform takes time, we also support IMF expanding its funding channel and have announced our open position in the possibility of bond issuance by IMF.

Host: Is it right that China indeed hopes to play a bigger role in the world, including greater say over IMF's administration?

Fu Ying: I would rather say that IMF needs reform and developing countries including China should be given a greater say. Back to the topic of contribution to the world. Some argue that countries with bigger foreign reserve should make bigger contribution. I don't think that justified. China's foreign reserve is not government money. Neither the government nor the Premier can use it. It belongs to the people and the businesses. As the safekeeper, the Central Bank is to prevent any possibility for devaluation. That is a huge responsibility. If the Central Bank hopes to purchase IMF bonds with the foreign reserve, it has to provide guarantee and assure the public that the investment is as safe as that in American debts.

Host: Ambassador Fu Ying, thank you for your time.

Fu Ying: Thank you.

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