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IMF: China offers tremendous experience to the world against COVID-19

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Via China Daily

Workers produce medical shoe coverings at a company in the Bishan district of Chongqing on Feb 23, 2020. [Photo/Xinhua]

China is making a path from health crisis to recovery and offering tremendous expertise and experience to the rest of the world, IMF chief Kristalina Georgieva said on Friday while viewing the role of China’s economy in saving the global economy from recession amid coronavirus pandemic.

Georgieva underlined in an online press briefing that the world economy has entered a recession as bad or worse than in 2009, and that recovery is expected by 2021. She stressed that it is very important for those ahead in taking action to share their experience with those still behind.

“China is ahead of the rest of the world in terms of being impacted by the coronavirus. Having taken containment measures with a huge drag on growth in their first quarter, they are now stepping up production,” Georgieva said.

“China doing better in 2020, is very important for China. It is also very important for the rest of the world given China’s share in the world economy,” the IMF chief emphasized.

China’s experience in recovery

Chinese economy will quickly return to its potential growth rate, as economic indicators will likely show significant improvement in the second quarter, Chen Yulu, a deputy governor of the country’s central bank said on Sunday. As a result of earlier targeted monetary policies, the real economy continues to improve, based on payments, deposits and loan data in March, according to Chen.

China will continue to pursue a proactive fiscal policy and prudent monetary policy, advance reform and opening-up, widen market access, improve the business environment, and expand imports and outbound investment to contribute to a stable world economy, Chinese Ministry of Foreign Affairs said on Friday after the G20 Leaders’ Virtual Summit.

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