Ex-IMF Official: China needs structural reform for economy

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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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