IMF Praises China's Recovery From COVID-19, Urges Steps To Inclusive, 'Green' Growth

China's economy is progressing well in its recovery from the COVID-19 pandemic, but still needs appropriate support and steps to ensure inclusive and "green" growth, the International Monetary Fund (IMF) said in a report out on Friday

WASHINGTON (UrduPoint News / Sputnik - 28th January, 2022) China's economy is progressing well in its recovery from the COVID-19 pandemic, but still needs appropriate support and steps to ensure inclusive and "green" growth, the International Monetary Fund (IMF) said in a report out on Friday.

"Executive Directors highlighted that China's recovery from the COVID-19 shock is well advanced thanks to the strong and swift policy actions taken by the authorities, including the high vaccination rate," the China report read.

Recovery, however, has slowed and remains unbalanced and susceptible to risks, it warned.

"Directors called for continued appropriate policies that support the economy and its rebalancing and for progress in key structural reforms to transition to 'high-quality'� balanced, inclusive, and green�growth," it added.

IMF directors also pointed out the need for fiscal support of the recovery process.

"They recommended that fiscal support further strengthen social protection, which would reduce households' precautionary savings, promote a rebalancing toward consumption and the services sector, and facilitate the transition to high-quality growth," the report read.

In an updated World Economic Outlook on Tuesday, the IMF revised its China economic growth forecast for this year downward by 0.8 percentage points to 4.8%.