IMF chief hails China’s economic resilience, open policy

International Monetary Fund (IMF) Managing Director Kristalina Georgieva spoke highly of China’s economic resilience and paid her respect for China’s determination to cultivate an open and responsible economy during her recent visit to Beijing.

Her commendation followed the IMF’s announcement on Thursday to raise China’s growth forecast for 2025 to five percent, an upward revision of 0.2 percentage points from its October outlook.

According to an IMF press conference on Thursday, an IMF team conducted constructive exchanges from December 1 to 10 in Beijing and Shanghai with senior Chinese government officials, representatives of private enterprises, and academics regarding China’s economic outlook and policy responses, leading to the preliminary conclusion of raising China’s growth forecast.

“We have been observing the developments in China over this year. And, our conclusion is: One, China is resilient. Policymakers here have acted responsibly to support the economy. Fiscal support, monetary policy support have helped the Chinese economy in a turbulent year to perform well. China’s exports are quite competitive. And actually, exports have increased this year. And that gives impetus to growth,” she told the the China Global Television Network (CGTN) in an exclusive interview.

She also expressed appreciation for China’s strategic direction.

“I want to pay my respect to the Chinese leadership for the determination for China to be an open economy and a responsible economy. That, I know, is one of the reasons why in the 15th Five-Year Plan, that is this focus on consumption. This being said, China is big. Changing the direction takes time.” she said.

Georgieva acknowledged the societal value placed on saving while expressing her confidence in China in the gradual shift toward a consumption-driven model, especially among younger generations.

“In the Chinese society, saving is something that people value. I respect that. It is personal security. But, if there is security that is provided to people, a confidence in their future, then they can enjoy more things in life. And, I also trust that the younger generation of Chinese, they may be more amenable to this new growth model,” she said.

China’s annual Central Economic Work Conference has outlined a policy agenda for the coming year that combines short-term stabilization measures with long-term structural reforms, signaling a continued focus on “seeking progress while maintaining stability” and improving growth quality and efficiency.

According to the conference, next year’s macroeconomic policy will emphasize strengthening both counter-cyclical and cross-cyclical adjustments to support steady, high-quality development.

“The policy’s orientation aims to maintain stability while pursuing progress and enhancing efficiency and effectiveness in economic development. This means improving the efficiency and benefits of economic growth. In terms of overall policy design, there is a particular emphasis on increasing the strength of counter-cyclical and cross-cyclical adjustments. Counter-cyclical measures address short-term economic fluctuations, while cross-cyclical adjustments focus more on medium- and long-term issues. Through a series of policies, important reforms across many areas can be advanced, enabling the economy to achieve long-term and stable development,” said Zou Yunhan, deputy director of the Macroeconomic Research Office of the State Information Center under the National Development and Reform Commission.

The conference listed eight priorities for the economic work in 2026.

“These eight priorities are important measures to implement the new development philosophy. On the demand side, we must adhere to domestic demand as the main driver, and on the supply side, we must adhere to innovation-driven development. At the same time, advancing reform is essential to unlocking institutional vitality. Most importantly, we must ensure that our efforts focus on the wellbeing of the people. I believe this is crucial for achieving common prosperity,” said Lin Chen, a professor of the School of Applied Economics in Renmin University of China.