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Structural reforms need to be the top priority of the Chinese government this year,  Bloomberg reports, citing comments from Zhu Min, a former deputy managing director of the International Monetary Fund (IMF).

Key quotes

“In 2021, structural reform is the most important thing for China,”

“If we keep on the 2020 path, we have the risk of returning to the old model, which is what we don’t want to see.”

“China’s  strong recovery  from the pandemic was mostly fueled by higher investment and exports, while consumption was a drag.”

“This worked against the country’s efforts over the past decade to shift to a consumption-driven economy.”

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