G-20 Welcomes China's Possible Membership in Paris Club

Chengdu, China, July 24 (Jiji Press)--Group of 20 top finance and monetary officials welcomed Sunday China's intention to consider joining the Paris Club of major creditor nations. "We welcome China's regular participation in Paris Club meetings and intention to play a more constructive role, including further discussions on potential membership," the G-20 officials said in a communique summing up their two-day meeting in Chengdu, Sichuan Province, inland China. China has enhanced its role as a creditor nation by boosting assistance to developing nations. Membership in the Paris Club would symbolize China's status as one of the major economies in the world. The Paris Club, which consists of 21 nations including Japan, the United States and France, is a framework for discussions on debt relief, such as extension of loan payment deadlines, for low- and middle-income debtor nations. At their latest meeting, the G-20 finance ministers and central bank chiefs discussed China's possible membership in the Paris Club as a way to prepare for a financial crisis, informed sources said. The Paris Club members hope that China will avoid going ahead of them in debt collection once it joins the club as a full member. China remains cautious about information disclosure including on loan terms, but a representative expressed Beijing's intention to play a constructive role as a creditor, including possible participation in the Paris Club, according to the sources. At a news conference after the G-20 meeting, U.S. Treasury Secretary Jack Lew stressed the importance for China to fulfill its responsibilities in international finance. The United States will welcome greater involvement of China in the Paris Club, Lew said. END