People's Republic of China: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China

February 2, 2024

Preview Citation

Format: Chicago

People's Republic of China: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China, (USA: International Monetary Fund, 2024) accessed September 16, 2024

Also available in: 中文

Summary

China has enjoyed decades of impressive growth, which has significantly improved living standards and largely eradicated extreme poverty. The growth has, however, been accompanied by widening imbalances and rising vulnerabilities, as excessive investment in infrastructure and housing has resulted in rising debt levels among property developers, local governments (LG), and local government financing vehicles (LGFVs). The authorities have proactively sought to contain developer leverage. This has contributed to a significant, but needed, adjustment in the property market that continues to weigh on economic activity, including through its impact on LG finances. Amid these structural challenges, the authorities have appropriately announced their goal to transition to high quality growth while tackling risks from the property sector and LG debt.

Subject: Economic sectors, Expenditure, Financial Sector, Financial sector policy and analysis, Financial sector stability, International organization, Monetary policy, Public debt

Keywords: Financial sector, Financial sector stability, Global, Local government, Nominal GDP, Pro-market reform, Property market, State-administered SOE funds

Publication Details

Pages:

138
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2024/038
Stock No:

1CHNEA2024001
ISBN:

9798400266119
ISSN:

1934-7685

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