Strong resilience and vigorous growth-IMF officials are optimistic about China’s economic growth.

　　Xinhua News Agency, Washington, February 6 (Reporter Xiong Maoling, Hu Yousong) Thomas Hoelbling, deputy director of the Asia-Pacific Department of the International Monetary Fund (IMF), said in an exclusive interview with Xinhua News Agency a few days ago that with the optimization and adjustment of China’s epidemic prevention policy, China’s personal consumption has further recovered and its confidence in economic growth is increasing.China’s current economic resilience lies in its high household savings rate, macro-policy boost and strong development momentum.

　　In the update of the World Economic Outlook Report released by the IMF on January 30th, the forecast of China’s economic growth this year was greatly raised to 5.2%, which was 0.8 percentage points higher than the forecast in October last year. IMF predicts that China’s economy will continue to grow by 4.5% next year.

　　Hoelbling said that in the past three years,Compared with investment, export and other fields, China’s personal consumption has been greatly affected, benefiting from the optimization and adjustment of epidemic prevention policies to the greatest extent..This is especially reflected in the service field, such as the obvious increase in the number of tourists during the Spring Festival. At the same time, due to the slight improvement in the global economic environment and the accumulation of household savings in China,It is expected that the consumption of consumers in China will greatly increase.

　　In Zhaoguang Farm Co., Ltd., Bei ‘an Branch of Beidahuang Agricultural Reclamation Group Co., Ltd., workers are busy on a soybean pile in threshing ground (photo taken on October 20, 2022). Xinhua News Agency reporter Wang Jianwei photo

　　Hoelbling believes that,Current data have shown that consumer confidence in China has increased and consumption has recovered.. The population movement in the second half of December last year and the first three weeks of January this year was stronger than expected by the IMF, and the increase in liquidity is one of the prerequisites for the increase in consumption and one of the signs of increased confidence.

　　Hoelbling said,China’s economic resilience is reflected in three aspects.First, the high level of savings at the family level can play a buffering role; Second, the government has room for policy adjustment in order to respond under different circumstances; Third, the potential economic growth rate is high, and the overall economic development momentum is strong.

　　The update of IMF’s World Economic Outlook Report raised the global economic growth forecast this year from 2.7% in October last year to 2.9%. Among the major economies, the economic growth rate of the United States is expected to be 1.4% and 1% this year and next, and the growth rate of the euro zone is expected to be 0.7% and 1.6% respectively.

　　Hoelbling pointed out that,China’s stronger economic growth this year and next will contribute to the global economic recovery., especially in the service industry. Compared with the past two years, the improvement of global tourism and aviation industry will be the biggest change in the short term.

　　Tourists watch circus performances in Guangzhou Changlong Tourist Resort (photo taken on December 31, 2022). Xinhua News Agency reporter Liu Dawei photo

　　Hoelbling said that increased consumption is expected to become an important source of economic growth in China, and the current economic recovery is in line with the long-term balanced development trend of China’s economy.

　　Hoelbling believes that looking at the medium and long-term development prospects of China’s economy, accelerating structural reform, further opening up the market and promoting innovation will help to meet the challenges such as demographic trends and further enhance the potential economic growth rate. (Editor: Wang Pei, Cui Shiyu (intern); Editor: Wang Kewen, Diao Ze, He Ying, Du Jing, Xu Chao, Deng Qian)

　　Produced by Xinhua News Agency International Department

　　Produced by Xinhua News Agency’s International Communication Integration Platform