And that's clashing with the International Monetary Fund's, or IMF's read of things. The IMF released itson Friday, in which it said that the real estate crisis"remains unresolved" and that the country's growth remains"under pressure."
But China's taking a contrarian view, saying in a January 12 response to the IMF, included in the Fund's report, that the country's property market"has been operating smoothly in general, and is not in a 'crisis' situation." "The authorities are aware of the risks and are working to address them," said Zhengxin Zhang, China's representative to the IMF's executive board, and Xuefei Bai, a policy adviser at the IMF."It is inappropriate to overstate the difficulties in the market and potential impacts to the financial sector."The IMF said in its Friday report China's property crisis"intensified" in 2022.
"Accumulating pressures from the unresolved property crisis could trigger a sharp retrenchment in aggregate demand, with adverse macro-financial feedback loops and potentially large external spillovers," the IMF said while calling for"further action" at the national level by increasing funding for the completion of stalled projects.
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