China’s Zhang Tao Wraps Up 5 Years as Deputy IMF Chief

What’s new: Zhang Tao, the deputy managing director of the International Monetary Fund (IMF), will conclude his five-year service at the global financial institution when his term expires Aug. 20, Managing Director Kristalina Georgieva said Monday.

“I want to express my profound gratitude to Tao for his wise counsel, unwavering support and tremendous contribution to the Fund and our membership,” Georgieva said in a statement.

The IMF said a process is underway to identify a candidate to succeed Zhang, a former deputy chief of China’s central bank who holds a doctorate in international economics from the University of California, Santa Cruz. The IMF, with 190 member countries, works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.

The background: Since he assumed his position in August 2016, China’s Zhang has spearheaded the fund's engagement with a large group of member countries and its work across a wide range of policy issues, including climate change, fintech, gender issues, anti-money laundering and combating the financing of terrorism, and small states, the IMF said.

Zhang has played a key role in helping to strengthen the fund’s relationship with partner institutions, from the World Bank to the United Nations and other international and regional organizations, the fund said.

Before becoming IMF deputy managing director, Zhang served as the IMF’s executive director for China between 2011 and 2015. He previously had extensive international economic expertise and policymaking experience, including as deputy governor of the People’s Bank of China. Zhang also worked at both the World Bank and the Asian Development Bank.

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Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)

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