These institutions have, however, not kept pace with the changing conditions in their operating environment. The governance and representation structures have lagged behind the changing global economic realities. The IMF has not fully lived up to one of its core responsibilities, being the conduct of effective surveillance of the global economic environment and that of individual countries.
Mr. Chairman, China is the largest developing country in the world, and Africa is the continent with the largest number of developing countries. China and Africa have a long history of friendship with very fruitful bilateral cooperation. We not only share similar experiences in the past, but also face a common task of promoting economic development and raising people’s living standard in the future.