Washington: The IMF has praised the "rebalancing" taking place in China's economy, saying there are "good numbers" coming out from the Asian economic giant as a result of its recent stimulus.
"As far as China is concerned, there are clearly good numbers coming out that are certainly a result of some stimulus, some encouragement from the Chinese authorities," IMF chief Christine Lagarde said at a news conference held at the beginning of the annual Spring Meeting of the International Monetary Fund and the World Bank.
"We are also quite pleased to see the rebalancing that is taking place in China, from being heavily geared towards investment to being geared more towards consumption, from being...more into services, and less so in manufacturing," she said.
"We are seeing, of course, the rebound of export activity for obvious reasons, because demand addressed to China is picking up. All of that is good and supportive, Lagarde said. The 61-year-old said the IMF has some very specific recommendations to China in relation to credit growth, in particular, and to the reining in of the housing sector, which, despite efforts already undertaken, is continuing to grow.
