IMF head Kristalina Georgieva says the world is heading for subdued growth.
| China’s economy is at a “fork in the road” between choosing between past policies or “pro-market reforms” to unlock growth, IMF managing directorSpeaking at China’s flagship international business conference in Beijing, Ms Georgieva said the global economy showed remarkable resilience to shocks, but was headed for growth that was “weak by historical standards” in the medium term as low productivity growth and high debt levels curbed progress.
Mr Li promised that Beijing would prepare regulations to smooth market access for foreign enterprises and efforts to boost domestic consumption.The conference comes as China’s trading partners confront oversupply risks in major industries, including electric vehicles and steel, which could spur manufacturers to dump excess goods on global markets.
Ms Georgieva’s use of the term “high-quality growth” borrows from the rhetoric of China President Xi Jinping, who has urged Chinese industry to move up the value chain into more sophisticated technology and value-added industries.
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