1/27/2024 0 Comments Money control![]() Nutritional Products International on Mahindra sales rise 17% in March.Nutritional Products International on Netflix launches service in India for Rs 500/month.Steph B on USFDA issues warning letter to Lantech Pharma for manufacturing violations at Andhra plant.Steph B on Didi Chuxing to launch Japan food delivery service from April.Air India holds town hall with pilots who are yet to accept new compensation structure.Trade setup for Friday: Top 15 things to know before the opening bell.Smartphone shipments in India dips 16% in Jan-Mar: IDC.Manipur: ‘Shoot at sight’ orders, 55 army columns deployed as Shah dials NE CMs to halt riots.IPL 203: KKR beat Sunrisers by five runs. ![]() “Reining in total social financing and its growth is a priority.” Author webtech_news18 Posted on Categories World Tags China, IMF, reforms, Chinese economy, inclusive growth, rebalancing, World News, liberalization, control credit, globaldemand Leave a comment on IMF urges China to push reforms, control credit Search for: Search Recent Posts “Growth has become more dependent - perhaps too dependent - on the continued expansion of investment,” Lipton said. ![]() Lipton said the rapid rise in lending increased the risk that some investments might be of poor quality and borrowers might default. Private sector analysts estimate “total social financing” - the government’s term for credit from both the state-owned banking industry and informal private sources - rose 58 percent in the first quarter over a year earlier. The IMF also stressed the need for Beijing to pay attention to explosive credit growth that has helped to drive its economic rebound. He said change will require “strong determination.” ![]() “Allowing more competition in sectors currently considered strategic would improve economic growth,” said Lipton. The government-dominated economy requires “a decisive push to promote rebalancing - rebalancing toward higher household incomes,” he said.Ī key hurdle for reformers will be potential resistance within the ruling Communist Party to changes that might hurt revenues for politically favored state companies that dominate industries including banking, telecommunications, shipping and energy. “They need continued liberalization and reduced government involvement (in the economy), allowing a greater role for market forces,” Lipton told reporters. In meetings with visiting IMF officials, Chinese leaders emphasized their desire to nurture “more balanced, inclusive” growth, said David Lipton, a deputy IMF managing director. The World Bank and other advisers say Beijing urgently needs to curb the dominance of state companies and promote free-market competition or growth will decline sharply. President Xi Jinping and other leaders who took power in November have promised to make China’s economy more productive but have yet to disclose details. The fund trimmed its growth forecast for China this year from eight percent to 7.75 percent due to weaker global demand but said the Chinese economy should remain robust.Īlso read: Chinese city bans anti-refinery protests before trade fair China needs to make a “decisive push” to launch new market-oriented reforms and has to control rapid credit growth that could lead to financial problems, the International Monetary Fund said Wednesday.
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