G20 Nanjing Meeting on Reforming the International Monetary System

On March 31 2011, the G20 Meeting on Reforming the International Monetary System was held in Nanjing. The meeting was hosted by France and organized by CCIEE. Chinese Vice Premier WANG Qishan and French President Nicolas Sarkozy, delivered speeches at the opening ceremony. Also attended and addressed the meeting were financial ministers and central bankers of China, France, the UK, Germany and other nations.

The discussion of the meeting focused on the status quo and deficiencies of the international monetary system, the management of capital flow and global liquidity, the supervision of the international monetary system. Participants shared their views on five issues, reforming international monetary system, establishing new rules for capital flow, reforming Special Drawing Rights (SDR), strengthening international coordination and financial regulation. This meeting laid a base for the spring meeting of World Bank and IMF and the forthcoming G-20 Group Summit in Cannes, France this November. Moreover, it also offers strategic thinking for future international monetary system reform.