IMF Urges China to Improve Economic Data
World Economy

IMF Urges China to Improve Economic Data

The International Monetary Fund called Thursday for China to improve its economic data, especially on its growth rate, the subject of continued skepticism about its reliability.
The debate over the true strength of the Chinese economy has heated up in recent months on mounting signs of slowdown and heavy turmoil in the Chinese stock markets, AFP reported.
“It’s important that China does continue to improve its data quality to reflect the fast-changing structure of its economy,” said IMF spokesperson Gerry Rice at a press briefing.
Rice welcomed China’s “great progress” in modernizing its statistics on gross domestic product, the broad measure of the economy’s activity, bringing the methodology “largely in line with international practice.”
“Like many countries, however, there’s room for improvement,” he added.
The Chinese government regularly reports growth in the world’s second-largest economy at 7% and above, a pace that some experts view as inflated.
All 188 member nations of the IMF are required to provide the Washington-based crisis lender with reliable economic data.
Argentina has been censured by the IMF since 2013 after the country failed to reform its long-distorted data on economic growth and consumer prices. The censure could result in the loss of its voting rights or membership at the institution.
Meanwhile, France sees no significant risk in China’s economy and is supporting its bid to win approval for the yuan’s inclusion in the IMF’s currency basket, French Finance Minister Michel Sapin said on Friday, Reuters reported.
France supports Beijing’s efforts to strengthen the yuan’s position in global trade as well as “China’s bid to integrate the yuan amongst the IMF currencies”, Sapin said at the opening of the China-France High-Level Economic and Financial Dialogue in Beijing.


Short URL : https://goo.gl/KZnB4g
  1. https://goo.gl/8Zko1D
  • https://goo.gl/b1ZMsk
  • https://goo.gl/aia1oY
  • https://goo.gl/8PK2C0
  • https://goo.gl/3V9KxS

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
South Africa GDP Shrinks
South African gross domestic product shrank 2.2% in the first...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
Taxes in Italy Drive Economy Underground
Italy grew rapidly over the 20th century, and its black market...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...