(Yicai Global) April 14 -- “China’s economy is stabilizing and rebounding, inflation remains low, and the real estate market is showing positive changes,” People’s Bank of China Governor Yi Gang said at a G20 meeting of finance ministers and central bank governors in Washington DC yesterday.

China’s economic growth rate is expected to reach about 5 percent this year, Yi also said at the meeting, the PBOC said in a statement today.

The gathering of monetary and finance chiefs mainly focused on promoting the global economic recovery, improving the international financial architecture, developing sustainable finance, enhancing the resilience of the financial sector, and fostering inclusive finance and international taxation.

All parties should take practical steps to ensure the smooth completion of the 16th General Review of Quotas as scheduled, Yi said, adding that China is willing to work with all parties to implement the Sovereign Risk and Debt Sustainability Framework. The PBOC, as the co-chair of the working group, will cooperate closely with all parties to complete this year’s tasks, he said.

The IMF’s 16th General Review of Quotas, which began in 2020, will end no later than Dec. 15 this year, Managing Director Kristalina Georgieva said in 2019.

Quotas, which are the primary funding source of the IMF, are calculated in Special Drawing Rights, an international reserve asset created to supplement the official reserves of IMF member countries. Quotas are assigned based on a member country’s position in the world economy and determine their voting power and how much they can borrow from the IMF.

In the last general review of quotas, China was the third-largest IMF member country, with a quota of 6.394 percent. The US and Japan ranked first and second with 17.407 percent and 6.464 percent, respectively.

Editor: Futura Costaglione