Both the World Bank and the IMF are optimistic about China's economic transformation

On October 10, 2013, during a press conference held ahead of the World Bank and International Monetary Fund (IMF) Annual Meetings, World Bank President Jim Yong Kim praised China’s ongoing efforts to advance economic reform and structural transformation. He emphasized that China is moving in the right direction, with its commitment to long-term sustainable growth being deeply impressive. Kim highlighted that despite a slowdown in economic growth, China's focus on shifting from investment and export-driven growth to consumption and service-based development is a positive and strategic move. Kim also noted that China's willingness to implement reforms even amid economic challenges sets a strong example for other emerging economies. He acknowledged that while local government debt has increased, China remains in a favorable position due to its substantial financial resources and capacity to manage potential risks. In addition, Kim mentioned that the World Bank and China are collaborating on an urbanization research project, which will be released in December. This initiative is seen as a key part of the World Bank’s future strategy, aiming to build a knowledge center in China. The project will explore how to create clean, livable cities, drawing on both China’s domestic experiences and global best practices. IMF Managing Director Christine Lagarde echoed similar sentiments, stating that the slower growth rate is not a cause for concern but rather a sign of a necessary economic transition. She pointed out that China’s growth target of 7.5% this year aligns closely with the IMF’s forecast of 7.6%, calling it a stable and healthy pace. Lagarde expressed confidence that China’s economy is evolving toward a more balanced model, with greater emphasis on domestic consumption and improved financial allocation. Both leaders underscored the importance of China’s continued reform agenda and its role as a leader in shaping a more sustainable and resilient global economy.

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