USA-IMF Chief/China Economy
Washington, D.C., USA - April 20, 2017
1. International Monetary Fund (IMF) managing director Christine Lagarde arriving at press conference, being seated
2. IMF name, logo shown on screen
4. Lagarde speaking
7. Various of Lagarde speaking
8. Various of reporters
9. Various of Lagarde speaking
10. Press conference in progress
The managing director of the International Monetary Fund commented Thursday affirmatively on the first-quarter performance of Chinese economy and expressed her appreciation of the country's rebalancing toward consumption and the service sector.
IMF managing director Christine Lagarde made the remarks at a press conference of the 2017 World Bank and IMF Spring Meetings in Washington D.C..
Lagarde said there were good economic data coming from China and the Chinese economy is continuing rebalancing from investment toward consumption and services.
Commenting on China's 6.9-percent GDP growth in the first quarter this year, Lagarde says China's economic stimulus has worked but warned that China still needs to rein in credit growth in order to secure growth sustainability.
The IMF this week raised its forecast for global economic growth this year to 3.5 percent, compared with 3.1 percent for 2016, partly because of China's stronger-than-expected Q1 growth.
The IMF has upgraded its 2017 growth forecast for China up to 6.6 percent. The UN agency projected in January a growth prospect of 6.5 percent for China.
The IMF chief told the press conference that a spring of the global economy is arriving to coincide with the IMF spring meeting and that the age of post-recession "new mediocre" is in a way over.