IMF Urges China to Shift Toward Domestic Demand Amid Property Woes

The International Monetary Fund has reiterated its advice for China to focus on rebalancing its growth model toward domestic demand. Persistent issues in the property sector and a build-up of non-performing loans highlight the urgency of this shift, alongside the continued production of low-priced manufactured goods.

The International Monetary Fund (IMF) reiterated its call for China to recalibrate its economic growth strategy by strengthening domestic demand, a factor that has weakened due to the nation's persisting property crisis.

On Tuesday, the IMF underscored a well-worn narrative, urging Beijing to address its domestic economic challenges. The global financial authority highlighted a significant number of non-performing loans in China's beleaguered property sector as a pressing concern.

IMF's spokesperson, Gourinchas, also noted that while China has increased its manufacturing output, the products are priced lower, causing further strain on the nation's economic health.

(With inputs from agencies.)