The International Monetary Fund announced on Monday that its Shanghai Center is now operating, with Johannes Wiegand, a seasoned IMF economist, serving as the first director.

According to an IMF circular, its base in Shanghai will play an important role in enhancing the organization's engagement with the Asia and Pacific region, while promoting research and knowledge sharing that can inform policies in areas of relevance for emerging market and middle-income countries.

According to the organization, the new center will promote greater dialogue and outreach with member countries and other stakeholders in the region.

Following Monday's inauguration ceremony, industry experts held a research seminar where they discussed pressing issues for emerging economies, including structural transformation and growth, finance, artificial intelligence and innovation.