IMF chief hails ‘productive’ talks as she wraps up China visit

IMF Managing Director Kristalina Georgieva commends "productive and substantive" discussions with Chinese officials, including Premier Li Qiang, regarding the status of the world economy and measures taken by China to achieve its growth goals.

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9/15/2023

IMF to Urge China to Reform Economy, Address Real Estate Woes, and Boost Consumer Spending

The International Monetary Fund (IMF) plans to advise China to address issues such as weak domestic consumption, the troubled real estate sector, and local government debt, in order to boost both Chinese and global growth, according to IMF Managing Director Kristalina Georgieva. The IMF will urge China to shift its growth model away from debt-driven infrastructure investment and real estate and focus more on domestic consumption. China's aging population, falling productivity, and problems in the real estate sector are factors hindering its growth rate. The IMF is set to release new global growth forecasts, reflecting concerns about low GDP growth worldwide, with the United States being the only major economy to have recovered pre-pandemic levels. China's growth rate is crucial for both Asia and the rest of the world, given its significant contribution to global growth. However, there is a trend of some outflow from China, which needs to be monitored.