Washington: China has an important role to play in the global economy as it recovers from COVID-19, but its growth is slowing down, International Monetary Fund Managing Director Kristalina Georgieva Said Monday.
The head of the Washington-based crisis lender held a virtual meeting with the Chinese premier li keqiang and discussed topics ranging from inflation to recovery from the pandemic, according to a statement issued by the IMF.
Georgieva said, “China has indeed achieved remarkable improvement, but its growth has been particularly slow. Since China is an important engine for global growth, it is necessary to take strong action to support high-quality growth. It will help not only China, but the world.”
In October, the IMF lowered its forecast for China’s growth due to a sharp reduction in public spending, predicting an eight percent expansion this year and 5.6 percent growth in 2022.
While the 2021 figure is Beijing’s strongest growth rate since 2011, analysts warn that China faces a painful fall from real estate weakness and shocks from rising coal prices and shortages.
Georgieva said Beijing had made a “significant contribution” to expanding vaccine access so that the world would immunize 40 percent of each country’s population against COVID-19 by the end of this year and 70 percent by the middle of the next. able to achieve the target. ,
With China in an ongoing dispute with the United States, Georgieva said countries “need to cooperate to reduce trade tensions and strengthen the multilateral trading system, which is an important engine for growth and jobs.” ”
The IMF is prompting the G20 grouping of the world’s richest countries, including China, to step up and improve its debt relief initiatives, warning last week that many countries were facing a dire crisis without help.
The group’s Debt Service Suspension Initiative (DSSI) ends at the end of the year, and Georgieva said she “welcomes continued engagement with China” on the general framework of the G20 that continues to offer some relief.
The head of the Washington-based crisis lender held a virtual meeting with the Chinese premier li keqiang and discussed topics ranging from inflation to recovery from the pandemic, according to a statement issued by the IMF.
Georgieva said, “China has indeed achieved remarkable improvement, but its growth has been particularly slow. Since China is an important engine for global growth, it is necessary to take strong action to support high-quality growth. It will help not only China, but the world.”
In October, the IMF lowered its forecast for China’s growth due to a sharp reduction in public spending, predicting an eight percent expansion this year and 5.6 percent growth in 2022.
While the 2021 figure is Beijing’s strongest growth rate since 2011, analysts warn that China faces a painful fall from real estate weakness and shocks from rising coal prices and shortages.
Georgieva said Beijing had made a “significant contribution” to expanding vaccine access so that the world would immunize 40 percent of each country’s population against COVID-19 by the end of this year and 70 percent by the middle of the next. able to achieve the target. ,
With China in an ongoing dispute with the United States, Georgieva said countries “need to cooperate to reduce trade tensions and strengthen the multilateral trading system, which is an important engine for growth and jobs.” ”
The IMF is prompting the G20 grouping of the world’s richest countries, including China, to step up and improve its debt relief initiatives, warning last week that many countries were facing a dire crisis without help.
The group’s Debt Service Suspension Initiative (DSSI) ends at the end of the year, and Georgieva said she “welcomes continued engagement with China” on the general framework of the G20 that continues to offer some relief.
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