The International Monetary Fund has upgraded its forecast for China's economy, while warning that reforms are needed to sustain growth
The International Monetary Fund has upgraded its forecast for China's economy, while warning that reforms are needed to sustain growthFILE - A man walks by as a vendor arranges clothes for sale outside his store at Ritan International Trade Center in Beijing on Wednesday, May 15, 2024. The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to support growth.
The IMF also said Beijing should scale back subsidies and other “distortive” policies that support manufacturing at the expense of other industries such as services. But it said risks remained, with growth in 2025 forecast to be 4.5%, also up 0.4% from an earlier forecast. The report echoes opinions of many economists who say more must be done to provide a social safety net and increase incomes for workers so that Chinese families can afford to save less and spend more.
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