IMF Shanghai Regional Center officially opens

The International Monetary Fund (IMF) Shanghai Regional Center was officially opened on Wednesday, according to a statement published on the official website of the People's Bank of China (PBOC).

The center in Shanghai is one of several regional centers set up by the IMF around the world. It was established to strengthen the IMF's engagement and cooperation with Asia Pacific economies and conduct research in areas of interest to emerging markets and middle-income countries, the document said.

It also aims to provide targeted capacity-building support for these economies and safeguard regional and global financial stability, according to the statement.

At the center's launch ceremony, PBOC Governor Pan Gongsheng said that 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.

IMF Managing Director Kristalina Georgieva, who also attended the ceremony, said she welcomed the important initiative with the PBOC to establish the Shanghai Regional Center, saying that the center will further strengthen the IMF's engagement in the dynamic Asia-Pacific region, deepen its understanding of perspectives from member countries, and foster international economic cooperation.

Professor Qian Zongxin, associate dean of the School of Finance, Renmin University of China (SFRUC), explained the significance of the center's establishment in an interview with China Global Television Network later in the day.

"I think there are at least two important implications from the launch of the new IMF regional center in Shanghai. First, it suggests, from the perspective of one of the world's most important international economic organizations - the IMF - the growing significance of China to the world's economic development and stability. Second, it also implies China's willingness to more actively participate in international policy coordination and reforms of global financial governance. The collective efforts of China and its partners in the IMF community could help improve global welfare by creating a more inclusive, more efficient, and more resilient international financial system," said Qian.

IMF Shanghai Regional Center officially opens

Thanks to efforts by the Colombian government to crack down on drug crimes, more cocaine was seized in Colombia in the first half of this year, up 35 percent year on year.

Colombia is one of the top two producers of coca bushes in the world and has long suffered from the harm of drugs. Since Colombian President Gustavo Francisco Petro announced a new anti-drug policy last October, the country has seen progress in combating drug problems.

According to data released by the Ministry of National Defense on Sunday, from January 1 to June 20 this year, Colombia seized 395 tons of cocaine and 267 tons of marijuana. Authorities also destroyed more than 2,000 illicit drug manufacturing factories, eliminated more than two million coca trees, dismantled numerous drug-related criminal networks, and dealt severe blows to the production and financial chains of drug trafficking groups.

"Our police patrol the entire country daily and carry out accurate monitoring based on reports from the analysis departments," said Cesar Pinzon, Subdirector of the National Police Anti-Narcotics Directorate.

Curbing drug trafficking is a high-risk job. To address this problem, Colombia has improved the accuracy of combating drug trafficking through information exchange, technological development, personnel training, and international cooperation, while reducing the risks faced by military and police personnel.

Through hard work, Colombia has made great progress in combating drugs, but it also faces many challenges. The drug economy has provided funds for Colombia's anti-government armed forces, and armed confrontations still linger on. The Colombian government has stated its commitment to continue fighting drug crimes.

"We also encounter some difficulties because transitioning to a legal economy cannot be achieved overnight. For many years, communities in various parts of Columbia have lived on growing coca leaves and are now transitioning to a legal economy," said Nestor Osuna, Minister of Justice and Law.

Colombia sees effect in curbing drug trafficking