(MENAFN- Trend News Agency) U.S., WASHINGTON, April 18. China needs to lookat domestic sources for growth, said the Managing Director of IMFKristalina Georgieva during a briefing on the Global Policy Agendaheld as part of the IMF Spring Meetings in Washington, Trend reports.
“I had an opportunity to visit China and discuss with Chineseleadership how they think about growth prospects for the countryand also reflect on what we have learned about China. And here aremy main takeaways. First, China is on a fork in the road. China hasto define growth strategies for the future. Yet China has beenbased on a particular set of policies over the last decades, onexport-oriented growth. But now, time has come to look at domesticsources for growth,” she said.
Georgieva noted that IM sees three important opportunities forChina.
“Number one, to shift the economy more towards domesticconsumption. It is actually in line with what China is aspiring thedual circulation economy. It would take giving consumers moreconfidence and offering them more services, and more things to buy know that the healthcare services in China can expand quitesignificantly,” she noted.
Secondly, the IMF managing director pointed out that the reformsin China that have served the country well continue to beneeded.
“And last but not least there are some problems right now andhow they are solved would have implications for China's growth. Themost obvious example is the property sector. People in China relyon their homeownership as a way of saving when prices there, butthese savings go down when prices of real estate go down. Thataffects consumer confidence. And so clearing up the problems in thesector more resolutely would certainly help China,” Georgievaadded.
The Spring Meetings of the International Monetary Fund and theWorld Bank Group kicked off on April 15.
The main ministerial meetings and events will take place April17-19 with other events and activities taking place during theweek, April 15-20.
At the heart of the gathering are meetings of the jointDevelopment Committee and the IMF's International Monetary andFinancial Committee, which discuss progress on the work of theWorld Bank Group and the IMF.
The Spring Meetings bring together central bankers, ministers offinance and development, parliamentarians, private sectorexecutives, representatives from civil society organizations andacademics to discuss issues of global concern, including the worldeconomic outlook, poverty eradication, economic development, andaid effectiveness.
MENAFN18042024000187011040ID1108110886
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.