In an excellent meeting with Deputy Governor of the People's Bank of China at the IMF-WB Spring meetings we discussed the global financial market turmoil, crypto assets and much more.

Had a very productive meeting with China's Vice Minister of Finance, Wang Dongwei, where we discussed how China MoF and the IMF can continue to work together to tackle global challenges, particularly low income country debt.

The global economic outlook is looking very uncertain, we expect global growth to slow to 2.8% this year, less than previously forecast. Looking ahead, we expect growth to remain around 3% over the next 5 years, the lowest medium-term growth forecast in decades. Read our analysis

Glad to be back in China after reopening. Had very constructive discussions with key economic policymakers on China’s economic rebound, domestic policy challenges and how we can strengthen our engagement and work together to foster global prosperity and development.

Global growth is slow & uneven. Our latest projections are 3.0% in 2023 & 2.9% in 2024. There is little margin for policy error, from defeating inflation, achieving debt sustainability, spurring productivity, and addressing fragmentation & climate shocks. bit.ly/3Q4BMFc

The Chinese economy is projected to grow at 5.4 percent in 2023, reflecting a strong post-COVID rebound. But growth is expected to slow in 2024 amid continuing weakness in the property market and subdued external demand. Read our press release here: imf.org/en/News/Articl…

Delighted to return to Beijing for our China Article IV consultation. Had very constructive policy discussions with People’s Bank of China Governor Pan Gongsheng, China Securities Regulatory Commission Chairman Yi Huiman & National Bureau of Statistics Commissioner Kang Yi.

The IMF Board of Governors concluded the 16th General Review with a 50% increase in quotas. This is a meaningful boost to the Fund’s permanent resources and strengthens its role at the center of the global financial safety net. bit.ly/3Tu08Kq

China’s economy had a strong post-COVID rebound in 2023, growing 5.2% percent. But growth is expected to slow to 4.6% in 2024 due to continued weakness in the property sector and slowing external demand.

China’s real estate sector is in the midst of a transition to a smaller and more sustainable size. Faster cleanup of distressed developers and increased central government funding to complete unfinished housing is needed to help smooth the adjustment. bit.ly/4bncHxJ

The IMF has just published its annual assessment of the Chinese economy. Here are our 3 key takeaways on growth in 2024, challenges in the property sector, and long-term potential.

With a comprehensive package of pro-market reforms, China could grow considerably faster than a status quo scenario. Read my speech at China Development Forum #CDF today: imf.org/en/News/Articl…

IMF staff have upgraded China's economic forecast by 0.4 percentage points to 5% in 2024 and 4.5% in 2025, driven by strong Q1 data and recent policies. Key policy priorities include facilitating property sector adjustment and supporting domestic demand. imf.org/en/News/Articl…

Just concluded our annual assessment of China's economy. We've raised the growth forecast by 0.4 points to 5% for 2024 and 4.5% for 2025, thanks to strong Q1 data & recent policies. Key priorities include property sector adjustments & macro support for domestic demand. Read my

Delighted to return to Beijing for our 2024 China Article IV consultation. Had very constructive policy discussions with People’s Bank of China Governor Pan Gongsheng. We discussed China’s economic outlook and policy priorities going forward.

China’s economy remained resilient despite the continued weakness in the property sector. However, uncertainty surrounding the outlook is high. Economic reforms can lift growth and boost resilience. Read the IMF's latest staff report on the Chinese economy:imf.org/en/Publication…

Economic reforms to rebalance demand toward consumption and further open the service sector can promote sustainable growth and help create jobs. See our new Country Focus article for more. imf.org/en/News/Articl…

Our new IMF analysis challenges common perceptions on China-US trade balances. China's widening trade surplus and the US trade deficit are largely the result of domestic macro factors, not industrial policies. 1/3 imf.org/en/Blogs/Artic…

Our new analysis challenges the view that industrial policies are major drivers of trade balances in China & US. China's surplus, US deficit stem primarily from domestic macroeconomic factors. Industrial policies, however, are not without consequence. More here from

There are increasing worries that China’s external surpluses result from industrial policies intended to stimulate exports. But this trade and industrial policy view of external balances is incomplete, and better understood with a macroeconomic view. imf.org/en/Blogs/Artic…