19 Mar 2012

CHINA / LAGARDE WRAP

During a visit to Beijing, IMF Managing Director Christine Lagarde said that the global economy may be on the path to recovery, but there is no room for mistakes. IMF

Posted at: March 19, 2012 3:04 pm

Duration: 02:26

Available in: SD

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Full script

STORY: CHINA/ LAGARDE WRAP
TRT: 2.26
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 18 MARCH 2012, BEIJING, CHINA

SHOTLIST:

1.	Wide shot, China Development Forum
2.	Tracking shot, IMF Managing Director Christine Lagarde walks in
3.	Close up, photographer
4.	SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
"There are common goals that unite us, and those common goals, wherever we are located, would naturally include growth, would include stability and would include jobs."
5.	Med shot, photographer
6.	SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
"So, the global economy may be on the path to recovery, but with not a great deal of room to manoeuvre, and certainly no room for policy mistakes."
7.	Wide shot, stage
8.	Wide shot, Lagarde leaves
9.	Wide shot press conference
10.	SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
"The economies of China, the economies of the Eurozone, the economy of the US, the economies of developing as well as advanced countries are all very closely interconnected. And that is really a finding not only of IMF research, which is a result of, for instance, the spillover work that we do, or the very specific and thematic research that we conduct, but it's also findings that I have shared with executive vice premier this morning and the vice premier yesterday."
11.	Wide shot, press conference
12.	SOUNDBITE (English) Christine Lagarde, Managing Director, IMF:
"The focus of the Chinese authorities is on the right growth in China that is more qualitative growth than quantitative growth; a clear focus on consumption. All of that, in our view, is favourable and supportive of a growth that will rebalance the overall global economy."
13.	Wide shot, press conference
14.	SOUNDBITE: (English) Christine Lagarde, Managing Director, IMF:
"Whether I'm in China, whether I'm in India, whether I'm in Europe, we need to have that appetite for change, we need to have that courage to change and we need the consensus to do so."
15.	Pan left, end of press conference
16.	Wide shot, Lagarde speaking at luncheon
17.	SOUNDBITE: (English) Christine Lagarde, Managing Director, IMF:
"Members of the Eurozone, our members and all the others have put money into the pot for the day when one of them suffers. That's the occasion when the IMF is of some use."
18.	Med shot, luncheon
19.	Wide shot, audience applause

STORYLINE:

On a visit to Beijing, International Monetary Fund Managing Director Christine Lagarde said that the global economic outlook might be much worse if China hadn't played a role in promoting global growth and stability.

Lagarde said that "there are common goals that unite us" and "those common goals shall include growth, would include stability and would include jobs."

However, the Managing Director said that even if the economic outlook improves, there is no room for complacency. She warned that the path to global recovery remains narrow.

Lagarde said that "the global economy may be on the path to recovery, but not with a great deal of room to manoeuvre, and certainly no room for policy mistakes."

During the visit, she met with Executive Vice Premier Li Keqiang, Vice Premier Wang Qishan, and People's Bank of China Governor Zhou Xiaochuan.

"The economies of China, the economies of the Eurozone, the economies of the US, the economies of developing and advanced countries are all very closely interconnected. That is a finding not only of IMF research, which is a result of spillover work we do, or the very specific and thematic research we conduct, but it's also findings that I have shared with executive vice premier this morning and the vice premier yesterday", Lagarde said.

In her discussions with the authorities, the Managing Director said that she is encouraged that Chinese policymakers are focused on growth that is more widely shared across the entire population.

"The focus of the Chinese authorities is on the right growth in China that is more qualitative growth than quantitative, with a clear focus on consumption. All of that is favourable and supportive of a growth that will rebalance the overall global economy," Lagarde said.

She added that Chinese policies will help the country shift toward consumption-led growth, strengthen the economy and eventually lead to more inclusive growth for all of China.

"Whether I'm in China, whether I'm in India, whether I'm in Europe, we need to have that appetite for change, we need to have the courage for change and we need to have the consensus to do so," Lagarde said.

Lagarde said that she also spoke with the authorities on the G20's efforts to strengthen the IMF's resources.

"Members of the Eurozone, our members and all the others members have put money into the pot for the occasion when one of them suffers. That's the occasion when the IMF is of some use," Lagarde said.