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CHINA / LAGARDE
STORY: CHINA / LAGARDE
TRT: 2:12
SOURCE: IMF
RESTRICITONS: NONE
LANGUAGE: ENGLISH / NATS
DATLEINE 9 NOVEMBER 2011, BEIJING, CHINA
1. Wide shot, International Finance Forum
2. Cutaway, International Finance Forum sign
3. Various shots, Forum
4. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“The rise of Asia in the global economy is really the defining economic success story of modern times. And it’s not surprising that today, China is very much propelling growth around the world. And in all that growth coming out of Asia, clearly China is a leader. It has done incredible things in the last few years: created 380 million jobs in the last decades, lifted half a billion people out of poverty and growing at an average rate of ten percent over the past three decades. “
5. Cutaway, audience listening
6. SOUNDBITE (English) Christine Lagarde, Managing Director, International Monetary Fund (IMF):
“But Asia is not immune, let’s make no mistake. And there are various channels that can actually transmit and accelerate the contamination or the contagion. Trade is one and trade is critical channel particularly for this part of the world. The second channel which we have experienced and as our empirical research demonstrate is the financial sector which can operate as a catalyst and as an accelerator of crisis.”
7. Cutaway, audience clapping
8. Wide shot, Lagarde shaking hands with delegate, sitting down
9. Cutaway, press
10. Med shot, Lagarde walking away, shaking hands
Christine Lagarde, Managing Director of the International Monetary Fund (IMF) emphasized the important role of Asia and especially China, in achieving global economic recovery.
Speaking today at the International Finance Forum in Beijing, she said that the rise of Asia in the global economy was “the defining economic success story of modern times,” adding that “clearly China is a leader.”
She noted in particular the achievements of China in growing by an average ten percent a year and pulling half a billion people out of poverty over the past three decades.
But she said, “Asia is not immune, let’s make no mistake,” noting that there were various channels that could “transmit and accelerate the contamination or the contagion.” She mentioned trade which was a “critical channel for this part of the world.” She also mentioned the financial sector “which can operate as a catalyst and as an accelerator of crisis.”
Lagarde added that the advanced countries had a special responsibility to enact policies to restore confidence and lift growth. She said that she was encouraged by the framework agreed by Euro Area Leaders on October 26 and the G20 endorsement of it at Cannes.
She called on the advanced economies to strike the appropriate balance in fiscal and monetary policies to promote stability and growth, push ahead with structural policies to boost competitiveness and employment, and strengthen financial regulation to make the financial sector safer and to put it back in the service of the real economy.
Lagarde advised Asian countries to respond nimbly, and change course if the global economic environment deteriorates further.
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