President Xi backs higher IMF standards

China will subscribe to the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF) and support the G20 in establishing a global infrastructure center, President Xi Jinping said on Saturday in Brisbane.[Special coverage]

On the first day of the two-day 9th G20 Summit, Xi highlighted China's view on major issues in the global economy, and put forward suggestions regarding boosting economic growth, transcontinental connectivity, infrastructure and financing.

China has already been a subscriber to the IMF's General Data Dissemination System (GDDS), and SDDS represents higher and tougher standards.

The SDDS aims to enhance the availability of timely and comprehensive economic and financial data, and Beijing's decision of adopting it has been hailed by senior officials and observers as China's commitment to "improve the dissemination of statistics".

Christine Lagarde, managing director of the IMF, issued a statement to hail Beijing's plan to subscribe to the SDDS.

Lagarde said:"The Fund is already working closely with the Chinese authorities and a mission is expected to arrive in Beijing in early December 2014 to formally assess China's subscription to the SDDS."

In a speech at the first session of this year's summit, Xi called for innovation of economic development paradigms, and he suggested prioritizing "the boost made by infrastructure construction toward the economy".

Connectivity had been discussed as a core topic at the just concluded 22nd Asia-Pacific Economic Cooperation Economic Leaders' Meeting in Beijing.

China supports the G20 to establish a global infrastructure center, and it supports the World Bank to establish a global infrastructure fund, Xi said.

Also, Xi said China "will make a contribution to global infrastructure investment by means including building the Silk Road Economic Belt, the 21st Century Maritime Silk Road, Asian Infrastructure Investment Bank and the Silk Road Fund".

Jin Zhongxia, director of the Financial Research Institute affiliated to the People's Bank of China, said China "has given a direct push ahead to the advancing G20 discussions on infrastructure" as China's delegation has proposed initiatives on a range of occasions within the grouping in the past two years.

Behind the G20 and IMF infrastructure initiatives is China's strength in the infrastructure sector, "which has been increasing in recent years," Jin said.

China's proactive calls for establishing the multilateral financing organs have to some extent posed driving forces for international organizations including G20, Jin observed.

When defining the global economic climate, Xi noted that the world economy is still clouded by a revival far from robust, remaining risks and financial market and the looming low of global trade.

Xi suggested joint efforts from G20 to renovate economic growth paradigms, shape the openness of the world economy and work on the perfection of global economic governance.

Among G20 economies, China has made the biggest contribution to the comprehensive growth strategy, an achievement that stemmed from China's efforts in ensuring steady growth, restructuring the economy, advancing reforms and expanding benefits to people's livelihoods, Xi noted.

"The Chinese economy will continue to maintain a robust, sustainable and balanced momentum of growth," he said.