IMF's Call for China to Reform Economic Strategies

IMF Managing Director Kristalina Georgieva warned that China's economic growth may plummet below 4% without reforms to boost domestic consumption. A struggling property sector undermines consumer confidence, requiring prompt action, as discussed during the IMF's annual meetings in Washington.

Kristalina Georgieva, Managing Director of the International Monetary Fund, issued a stark warning on Thursday regarding China's economic trajectory. Without crucial reforms aimed at enhancing domestic consumption, the nation's economic growth could fall 'way below' 4%, she emphasized.

Georgieva highlighted that the sluggish property sector poses a significant barrier to restoring consumer confidence, urging for immediate action to address this issue. Her comments came during a press briefing at the IMF's annual meetings in Washington.

According to Georgieva, unless China undertakes necessary measures, its economic future could face serious challenges, impacting overall global economic stability.

(With inputs from agencies.)