China faces ‘fork in the road,’ IMF chief says, urging Beijing to embark on pro-market reforms

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China’s economy can grow far faster if it adopts a comprehensive package of pro-market reforms, according to IMF Managing Director Kristalina Georgieva.

China faces a "fork in the road" on whether to stick to policies that have worked in the past, or to update its policies for a new era of high-quality growth, IMF Managing Director Kristalina Georgieva said at the China Development Forum in Beijing.

Kristalina Georgieva, Director of the International Monetary Fund , speaks during the China Development Forum 2024 at the Diaoyutai State Guesthouse on March 24, 2024 in Beijing, China.China has two choices right now: return to its old economic policies, or choose reforms to spur growth, according to the International Monetary Fund's Managing Director Kristalina Georgieva.

This could unleash growth that would "amount to a 20% expansion of the real economy over the next 15 years — in today's terms, that is like adding US$3.5 trillion to the Chinese economy," she added.Still, she added: "In the medium term, China will continue to be a key contributor to global economic growth."more than 100 foreign participants, including CEOs of major overseas firms as well as leaders of the IMF and World Bank.

 

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