IMF urges China to prioritise consumption-led rebalancing, curb industrial policy
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The International Monetary Fund (IMF) has urged China to prioritize a consumption-led growth model and curb industrial policy amid mounting external imbalances. The IMF's recommendations were issued ahead of Beijing's annual parliamentary meetings. According to Sonali Jain-Chandra, IMF mission chief for China, the country needs to move decisively towards consumption-led growth. The IMF welcomed China's focus on consumption in its 15th five-year plan proposals and the readout of December's central economic work conference. A comprehensive policy package was published by the IMF staff, recommending a fiscal stimulus to lift consumption, stronger social protection, further monetary easing, and greater exchange-rate flexibility. The IMF executive board stated that transitioning to a consumption-led growth model should be the overarching priority until deflationary pressures subside durably.
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