IMF Managing Director Kristalina Georgieva concludes China trip; underscoring nation’s enduring significance on a global scale: experts
Published: Sep 03, 2023 10:23 PM
Lujiazui area in Shanghai Photo:Xinhua

Lujiazui area in Shanghai Photo:Xinhua

IMF Managing Director Kristalina Georgieva concluded her trip to China on Sunday after having met with multiple senior Chinese officials. 

Experts said that choosing China as the initial stop of her Asian trip underscores the enduring regional and global significance of the Chinese economy. This perspective stands in contrast to certain foreign media narratives that inaccurately portray a decline in the Chinese economy.

Shanghai Mayor Gong Zheng on Saturday met with Georgieva, according to the city government's official WeChat account. Gong noted that Shanghai has been accelerating the construction of the city as a world-leading financial center with a focus in sectors like digital and green transformation. He hoped to strengthen cooperation with the IMF to further promote Shanghai's opening-up and connectivity worldwide in the finance sector. 

Georgieva said that Shanghai has contributed significantly to promoting economic development for China and the world, and she stressed the importance of stepping up efforts for economic transformation to boost production efficiency amid global uncertainties and an economic slowdown. She affirmed Shanghai's achievements in promoting green and low-carbon development, stressing that the IMF is willing to deepen cooperation with Shanghai to promote global economic development. 

Georgieva chose China as her first stop in Asia, which emphasizes the nation's significance in promoting global economic development, Hu Qimu, deputy secretary-general of the digital real economies integration Forum 50, told the Global Times on Sunday.

In an earlier interview with the Global Times, Tian Yun, a Beijing-based veteran economist, said that the IMF is believed to continue holding the belief that China will serve as the primary driving force behind the global economic recovery this year. Tian noted that "the decision to start with China serves a specific purpose, aiming to effectively assess the status of China's economy and the measures adopted by the [Chinese] government."

On Friday, when Chinese Premier Li Qiang met with Georgieva in Beijing, he said that China will optimize the development environment for private enterprises, improve the scale and structure of foreign trade, and make greater efforts to attract and utilize foreign capital, the Xinhua News Agency reported. The country is confident and capable of promoting sustained and sound economic development, Li noted.

With China contributing one-third of the world's economic growth, Georgieva said when meeting with Li the IMF appreciates the solid efforts taken by China to promote economic growth, and values China's leading role in helping the vulnerable as well as low- and middle-income countries develop and achieve global economic growth, according to Xinhua. 

In April, the IMF projected China's economy to grow 5.2 percent in 2023, which would be up from 3 percent in 2022. 
Despite some Western media hyping inaccurately about a decline in the Chinese economy, experts noted that China retains its fundamental economic drivers and resilience for its continuing development while taking concrete measures to tackle current difficulties, expecting a further pickup after recently issued measures take effect. 

China has contributed to the world's economic development in multiple formats, Hu noted. For instance, the nation's exports of affordable but high-quality products will help curb global inflation, Hu said. 

The major focus for China's economic recovery and growth is still placed on the nation's high-quality development, rather than just solely depending on the fast rebound of the property sector, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Time on Sunday. 

Cong expected stronger fiscal policies to be rolled out as well, which will be conducive in many aspects, such as reducing the debts of local governments and further bolstering economic development. 

Cong noted that fiscal support will further help the recovery and growth of domestic enterprises, leading to an effective boost for employment as well. 

Cong also highlighted that China's manufacturing power and progress made in self-innovation and technological development will play vital roles in supporting the economy. 

Chinese government agencies have rolled out more vigorous policies in recent days to support the economy across all fronts including the private economy, real estate, the currency and employment, aiming to further boost the economy and market confidence.