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IMF Experts: China’s Growth to Lift World Economy Amid Global Challenges

BusinessIMF Experts: China's Growth to Lift World Economy Amid Global Challenges

The International Monetary Fund (IMF) Resident Representative Office in China and the School of Finance of Nankai University recently held a forum in Tianjin municipality to discuss the latest World Economic Outlook published by the IMF. According to the IMF forecast, while the world economy will grow 2.8 percent in 2023, which is 0.1 percentage points lower than its January forecast, China’s economic growth will improve from 3 percent in 2022 to 5.2 percent in 2023. Experts and scholars present at the forum agreed that China’s fast-growing economy provides a much-needed boost for the world at a time when global economic challenges are intensifying.

Steven Barnett, IMF senior resident representative in China, said, “Our research shows that every one percentage point of growth in China boosts 0.3 percentage points of growth in other countries.” Barnett also acknowledged that China’s contribution to global economic growth will stand at over one third, emphasizing China’s critical role in the global economic recovery.

The President of Nankai University, Chen Yulu, pointed out that China’s high-quality economic development supports the stable and sustainable growth of the Chinese economy. The National Bureau of Statistics’ data showed that China’s gross domestic product grew 4.5 percent year on year in the first quarter, indicating a promising start for the Chinese economy.

Xia Tian, assistant professor of the School of Finance of Nankai University, emphasized the importance of maintaining the trend of globalization to promote positive interaction between Chinese and global economic recovery.

Overall, experts and scholars agree that China’s economic growth will continue to provide a significant lift to the world economy and play a crucial role in the global economic recovery.

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