FabioNatalucci,deputydirectoroftheMonetaryandCapitalMarketsDepartmentattheIMF,attendsapressconferenceinWashington,D.C.,theUnitedStates,onApril11,2023.China"seconomicgrowthisimportantforbothChineseandglobalfinancialstabilityatatimewhentheglobalfinancialsystemisshowingconsiderablestrains,anInternationalMonetaryFund(IMF)officialhassaid.(Xinhua/LiuJie)

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WASHINGTON,April16(Xinhua)--China"seconomicgrowthisimportantforbothChineseandglobalfinancialstabilityatatimewhentheglobalfinancialsystemisshowingconsiderablestrains,anInternationalMonetaryFund(IMF)officialhassaid.

"Ithinkgrowthisacrucialrecipeforfinancialstability.Therecannotbefinancialstabilitywithoutgrowth,it"sasuperimportantpointtomake,"FabioNatalucci,deputydirectoroftheMonetaryandCapitalMarketsDepartmentattheIMF,toldXinhuaonWednesday.

"SogrowthinChina,it"simportantforChinesefinancialstability.Asapartoftheglobaleconomy,it"simportanttorestoregrowthattheaggregatelevel,aswellastocontributetofinancialstability,"saidNatalucci,whoisresponsiblefortheGlobalFinancialStabilityReport(GFSR).

Chinaisanimportantglobalplayer,duetoitscontributiontoglobalgrowthandparticipationintheglobalfinancialmarket,saidNatalucci."SoChinaclearlyhastoplayanimportantroleintryingtoaddressthesefinancialstabilityconcerns,"hesaid.

"Whatwe"reseeingessentiallyisafinancialsystem,aglobalfinancialsystemthatisbeingtestedbythisnewenvironmentofhigherratesandhigherinflation.That"swhywethinkthatfinancialstabilityrisksareincreasednow,"hesaid.

"Thebigquestioniswhetherratesandinflationaregoingtostayhigher,whatparticularinterestratelevel,orwhetherwe"regoingtogobacktowhatwewereusedtopre-pandemic?Thisisgoingtoaffectrisk-takingandalsothevulnerabilityinthefinancialsystem,"saidNatalucci.

ThereisaneedtoanalyzewhathappenedinthebankingsectorsofcountriesliketheUnitedStatesandSwitzerlandfromaninternalriskmanagementperspective,fromasupervisoryperspectiveandfromaregulatoryperspective,hesaid.

"It"simportanttokeepinmindthatthestocktakealsoneedstobedoneatthegloballevel,becausehowsomeofthesefinancialinstitutionsbehavehasanimpactandrepercussionacrosstheglobe,"Nataluccisaid.

MultilateraleffortsshouldbestrengthenedtoreducegeopoliticaltensionsandeconomicandfinancialfragmentationonwhichthelatestGFSRhadachapter,saidNatalucci.

"Thereisacostpolicymakersneedtobeawareofandthosecostscomeintermsofcross-bordercapitalflows,intermsofthehealthoftheglobalfinancialsystem,aswellasintheabilityofinvestorstodiversifyrisk.Sothatcostoffinancialfragmentation,it"ssomethingthatneedstobeconsideredverycarefully,"hesaid.

Hesuggestedinternationalregulatoryandstandard-settingbodies,suchastheFinancialStabilityBoardandtheBaselCommitteeonBankingSupervision,shouldcontinuetopromoteglobalfinancialregulatorystandardstominimizefinancialfragmentation.

ClimatechangepolicyisanotherareawhereNataluccithought"globalcoordinationandcooperation,multilateralismapproachareimportant."

"Climatechangeisaglobalthreat.Climatepolicytakenbyonecountry,onejurisdictionimpactsothercountriesaswell.Increasedclimatechangeaffecteveryone.SoIthinktheircoordinationintermsofresponseiscrucial."■

FabioNatalucci,deputydirectoroftheMonetaryandCapitalMarketsDepartmentattheIMF,attendsapressconferenceinWashington,D.C.,theUnitedStates,onApril11,2023.China"seconomicgrowthisimportantforbothChineseandglobalfinancialstabilityatatimewhentheglobalfinancialsystemisshowingconsiderablestrains,anInternationalMonetaryFund(IMF)officialhassaid.(Xinhua/LiuJie)