IMF Managing director Advocates Promarket reforms for faster Chinese growth

China may expand far faster than the current quo with a comprehensive package of pro-market reforms, according to International Monetary Fund (IMF) Managing Director Kristalina Georgieva’s statement on Sunday.

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“This additional growth would amount to a 20% expansion of the real economy over the next 15 years, in today’s terms, that is like adding $3.5 trillion to the Chinese economy,” Georgieva said in a speech to the China Development Forum, calling for steps to improve the sustainability of the property sector, reduce debt risks and focus more on domestic consumption.

According to her, taking firm action to lower the supply of unfinished houses and create greater room for market based corrections in the real estate sector might hasten the resolution of present issues in the industry and increase investor and consumer confidence.