(Yicai) May 28 -- China will keep making efforts to liberalize trade and facilitate investment, according to Liao Min, vice finance minister.

The nation will adhere to a high level of opening-up and promote the integration of international high-standard economic and trade rules, Liao said to Yicai during the 80 Years after the Bretton Woods: Building an International Monetary and Financial System for All & 2024 Tsinghua PBCSF Global Finance Forum, held in Hangzhou.

China will create a transparent, stable, and sustainable institutional environment, adjust its economic structure, and balance supply and demand, as well as investment and consumption, Liao said, adding that the country's goal of high-quality development should benefit the world.

"Under the guidance of the concept of cooperation, we will continue in the spirit of multilateralism of the Bretton Woods system, uphold the concept of global governance based on extensive consultation, joint contribution, and shared benefits, and jointly make contributions to building a global governance system with fairness in rights, opportunities, and rules, boosting global economic growth and prosperity, and promoting global poverty reduction and development," he said.

China is a contributor to global development and a defender of international order, benefiting from the current economic, financial, and trade system, Liao said. The nation has always been deeply involved in the reform and governance of the World Bank and the International Monetary Fund, supporting existing international institutions, he added.

China is not only the third-biggest shareholder of the World Bank but also the sixth-largest contributor to the 19th and 20th replenishments of the International Development Association, an institution that grants loans to the world's poorest countries.

The Asian Infrastructure Investment Bank and the New Development Bank, two multilateral development lenders started by China in part, are operating based on high international standards, and cooperate with the World Bank in various forms, according to Liao. They have become useful supplements to the existing international system, he added.

The 80 Years after the Bretton Woods: Building an International Monetary and Financial System for All & 2024 Tsinghua PBCSF Global Finance Forum is a two-day event that ends today. It celebrates the 80th anniversary of the Bretton Woods Agreement, a foundational system of monetary management between the United States, European countries, and Australia.

Editor: Emmi Laine