China is willing and ready to pursue stronger foreign exchange reform, and to deal with international economic imbalances caused by globalization and different macro policies of different countries, Chinese Finance Minister Jin Renqing said in Hanoi Friday.

China will continue the reform in two directions: accelerating reforms in finance, monetary, investment and state-owned enterprises to create more favorable conditions for the forex reform, and loosening and renovating forex management so that the market plays an important role in determining the forex rate, Jin said at a press conference after the conclusion of the 13th APEC ( Asia-Pacific Economic Cooperation) Finance Ministers' Meeting.

International economic imbalances stem from globalization and non-synchronous macroeconomic policies issued by countries, he said, noting that China's forex issue is not big enough to cause the imbalances.

"Although China has made great economic progress, its gross domestic product accounts for less than 5 percent of the world's total," he said.

The Chinese finance minister stressed that China, as an important economy, has been aware of its great responsibility, and willing and ready to speed up its forex reform and solve global economic imbalances.

"However, the forex reform cannot be made overnight," he noted.

At the two-day APEC ministerial meeting, delegates reaffirmed their relevant commitments and put forth measures to jointly secure stable and efficient revenue sources, and develop robust sound financial services sectors.

Since its inception in 1989, the 21-member APEC, which gathers some of the world's large economies, including China, the United States, Russia, Japan, Singapore and Vietnam, has worked to reduce tariffs and other trade barriers across the Asia-Pacific region, create efficient domestic economies, and dramatically increase exports.

Source: Xinhua