Women select clothing at a fashion clothing booth as shoppers tour at a shopping mall in Beijing on Sunday, May 26, 2024. The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth.The International Monetary Fund has upgraded its forecast for China’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth.
The IMF also said Beijing should scale back subsidies and other “distortive” policies that support manufacturing at the expense of other industries such as services. But it added that “a more comprehensive and balanced policy approach would help China navigate the headwinds facing the economy.” Job losses, especially during the pandemic, and falling housing prices have hit the finances of many Chinese.
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