IMF's Georgieva says China should boost domestic demand, shift toward services
- Country:
- United States
International Monetary Fund managing Kristalina Georgieva said on Thursday that China needs to boost domestic demand and shift more of its economy toward services to reduce problems caused by excess manufacturing capacity in certain sectors.
Georgieva told an Atlantic Council event in Washington that China could boost its economic output by 20% in the coming years if it follows the IMF's reform advice.
"We recognize there have been sectors in the Chinese economy over the years where overcapacity has existed," Georgieva said. "It is critical to develop domestic demand and then shift more of the economy towards services, so this doesn't persist as a problem for China."
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
China FM says Beijing and Jakarta want regional peace and stability
Indonesia, China to deepen cooperation, says Indonesian foreign minister
China's Eurasian Affairs envoy met Ukraine ambassador in Beijing, discussed Ukraine
Indonesia, China to deepen cooperation, says Indonesian foreign minister
China foreign minister says Beijing and Jakarta want regional peace and stability