China powers global economic growth
October 13,2017 By:chinahumanrights.org
October 13, 2017 -- The 2017 annual meeting of the International Monetary Fund (IMF) and the World Bank Group kicked off on Tuesday at the IMF headquarters in Washington D.C., the United States.
In its latest World Economic Outlook released on Tuesday, the IMF raised its global growth forecast for 2017 and 2018 to 3.6 percent and 3.7 percent due to the economic improvement in China and the US. Three quarters of global economies are expected to accelerate their economic growth.
According to the IMF, China’s economic growth was stronger than expected in the first half of the year underpinned by previous policy easing and supply-side structural reforms.
The IMF again raised its forecast for China's economic growth to 6.8 percent this year and 6.5 percent next year, both 0.1 percentage point higher than its previous forecast in July. It is the fourth time for the IMF to raise its forecast for China’s economic growth in 2017.
Maurice Obstfeld, chief economist at the IMF, said that China’s economic growth enjoys a strong momentum and becomes the largest power engine to global economic development.
He said the Chinese government has realized the possible economic risks brought by fast credit increases and is expected to control the risks through rational measures.
“Benefiting from monetary, fiscal and structural policies adopted by economies, the momentum of global economic recovery is continuing,” said Zhang Tao, vice-president of the IMF.
Obstfeld called for all the economies to strengthen global cooperation to promote the development of global trade system, improve financial supervision and increase global financial security.
By: Ma Yangyang