IMF Director Urges China to Embrace Reforms for Economic Growth

The International Monetary Fund (IMF) managing director, Kristalina Georgieva, emphasized the crucial decision facing China's economy, urging the country to opt for pro-market reforms to drive growth. Speaking at China's major international business conference, she highlighted the current state of the global economy, emphasizing the need for high-quality growth as low productivity and high debt levels hinder progress. The event, attended by global chief executives, witnessed China's premier, Li Qiang, promising efforts to enhance domestic demand and modernize the industrial system. Georgieva stressed the potential for significant economic expansion through pro-market reforms, including addressing real estate crises, boosting individuals' spending power, and ensuring fair competition between private and state-owned enterprises. She also emphasized the challenges facing fiscal authorities globally in 2024, advocating for consolidation to reduce debt and finance digital and green transformations. The message calls for attention to the urgency of embracing reforms for sustainable economic growth.