WASHINGTON: China has an important part of playing in the global economy because it recovers from Covid-19, but its growth slowed, Imf Director of the IMF Crystalina Georgieva said Monday.
The Head of the Washington-based crisis lender held a virtual meeting with Chinese Premier Li Keqiang and discussed topics starting from inflation to recovery from a pandemic, according to a statement released by the IMF.
“China achieved truly extraordinary recovery, but its growth momentum has slowed specifically.
Because China is a vital machine for global growth, taking strong actions to support high-quality growth will help not only China, but the world,” said Georgieva.
In October, the IMF lowered China’s growth estimates because of taxation acceleration in public expenditure, predicted expansion of eight percent this year and growth of 5.6 percent in 2022.
While the figure of 2021 was the strongest growth rate in Beijing since 2011, analysts warned China to face the fall The painful of real estate weaknesses and shocks from the increase in coal prices and deficiencies.
Georgieva added that Beijing has made “important contributions” to expand vaccine access so that the world can achieve the Objectives of the IMF not to have 40 percent of the population of each country against Covid-19 by the end of this year and 70 percent in the middle of the year.
With China involved in underway with the United States, Georgieva said countries need “to work together to reduce trade tensions and strengthen multilateral trading systems, which are the main machines for growth and work.” The IMF encouraged the G20 group from the richest countries in the world, including China, to expand and improve their debt assistance initiatives, warned last week that many countries face a terrible crisis without help.
The debt service suspension initiative (DSSI) ended at the end of the year, and Georgieva said he was “welcome to continue involvement with China on the” G20 General Framework that continued some relief.