(Yicai) June 19 -- The International Monetary Fund plans to set up a new regional center in Shanghai to further boost its engagement and partnership in the Asia-Pacific region.

The Shanghai Regional Center will promote research that can inform policies in areas of interest to emerging markets and middle-income countries in the Asia-Pacific, the IMF and the People’s Bank of China jointly announced at the Lujiazui Forum today.

The center will also help deepen the IMF’s dialogue with member countries and other stakeholders in the region, including financial institutions, academics, and think tanks, they said.

“We believe the center will deepen cooperation between the IMF and China, enhance macroeconomic policy exchange and coordination among Asia-Pacific countries, and support regional and global financial stability,” said PBOC Governor Pan Gongsheng.

It will facilitate targeted capacity building in the region, including through peer-to-peer learning, in cooperation with the China IMF Capacity Development Center, which was jointly formed by the IMF and the PBOC in 2018 and will be co-located with the new center.

“The center will further strengthen the IMF’s engagement in the dynamic Asia-Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation,” said IMF Managing Director Kristalina Georgieva.

The Washington-based IMF has 20 regional centers and offices worldwide, including the CICDC.

Editor: Futura Costaglione