International Monetary Fund Official: China is an Important Engine of World Economic Growth | International Monetary Fund | Economy
On the 25th local time, the International Monetary Fund released the latest issue of the World Economic Outlook report. On the day of the report's release, Daniel Li, Director of the World Economic Research Office of the International Monetary Fund, stated in an interview with CCTV reporters that the Chinese economy currently accounts for one-third of global economic growth and remains an important engine for the world economy to continue moving forward.
The report raises the global economic growth forecast for 2023 to 3.0%, which is 0.2 percentage points higher than the April forecast. Daniel Lee stated that the upward adjustment of global economic growth expectations for 2023 is due to the fact that although global economic growth has slowed down, its resilience has exceeded expectations, and some economies have recovered strongly. However, due to inflation and other reasons, the global economy has not yet emerged from its difficulties.
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Daniel Lee, Director of the World Economic Research Office of the International Monetary Fund: The global economy is slowing down, but its resilience has exceeded our expectations. The economic growth rate in 2022 is 3.5%, and this year and next year's growth rate will decrease to 3%. In fact, the mid-term growth rate is still 3%, which we previously thought was 2.8%. Why raise economic growth expectations? This is because many economies have seen stronger performance in their service and tourism industries than expected.
The International Monetary Fund maintains its economic growth expectations for China unchanged. Daniel Li said that China's economic growth is accelerating this year. Although there is insufficient domestic demand, the net export performance is stronger than expected, offsetting some of the weak investment. China remains an important engine leading the world economy to continue moving forward. In addition, recently released economic data for the first half of the year in China showed a year-on-year growth of 5.5% in China's gross domestic product. Daniel Li affirmed that the overall operation of the Chinese economy is showing a rebound and positive trend.
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Daniel Lee, Director of the World Economic Research Office of the International Monetary Fund: China currently accounts for one-third of global economic growth and is an important engine for the world economy to continue moving forward. China's 5.5% growth in the first half of the year is actually higher than our forecast of 5.2% growth this year, so the 5.2% forecast should be achievable.
Daniel Li welcomes the Chinese government's adherence to an open policy and believes that China can play a very important role in opening up and strengthening global integration.
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Daniel Lee, Director of the World Economic Research Office of the International Monetary Fund: We absolutely welcome the Chinese government's ambition to further open up the economy, which means more trade exchanges and greater openness to financial investment in China. I believe that further opening up will promote more investment and growth in China. Therefore, we believe that China can play a very important role in opening up and strengthening global integration.