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IMF experts are optimistic about China's high-quality development

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People's Daily Online, Washington, November 24 (Reporter Li Zhiwei) Recently, Kang Zhongzhi, deputy head of the Chinese delegation of the International Monetary Fund (IMF), said in an interview with reporters that China has made steady progress in structural reforms in the past ten years. China can achieve high-quality growth in the medium term.

In recent years, RMB has become more widely used and popular in international trade, foreign exchange reserves, global foreign exchange transactions, investment and financing. In May of this year, the Executive Board of the International Monetary Fund completed the review of the valuation of the Special Drawing Right (SDR) once every five years. The weight of the RMB remained in third place, and the weight of the RMB was raised from 10.92% to 12.28%. Kang Zhongzhi said that the International Monetary Fund reviews the weights of the five currencies in the SDR basket to understand their use in international trade and international finance. Currency weights in the SDR basket are adjusted to reflect a range of economic factors, including the use of currencies in trade settlements, their importance as reserve currencies held by global central banks, and the role they play in international banking.

China expanded its high-level opening up to the outside world and promoted the steady development of foreign trade and foreign investment. China's utilization of foreign capital ranks first among developing countries, and its foreign direct investment ranks first in the world. China continues to maintain a strong "gravity" for foreign investment. Kang Zhongzhi said that in the past ten years, China has made steady progress in structural reform. For example, China has opened its financial sector to foreign investors and implemented a negative list for foreign investment access. China has strengthened intellectual property protection to improve market competitiveness, deepened reform of the household registration system, facilitated labor mobility, and improved resource allocation.

Now, China has become the world's second largest economy, the largest manufacturing country, and the largest trader of goods. Kang Zhongzhi said that the remarkable growth in the past few decades has made China one of the largest economies in the world. China has strong trade links in Asia and has strong ties with commodity exporters and major global production centers on other continents.

Today, China's economic development is not only manifested in the continuous growth of scale, but also in the steady improvement of quality and continuous optimization of structure. China's economy has shifted from a stage of high-speed growth to a stage of high-quality development. Kang Zhongzhi said that through a series of correct policies, China can achieve high-quality growth in the medium term. A key aspect of high-quality growth is climate-related, and China plays an important role in the global response to climate change. China has submitted its latest emission reduction commitments, increasing the intensity of Nationally Determined Contributions (NDCs), striving to peak carbon dioxide emissions by 2030, and striving to achieve carbon neutrality by 2060.

Kang Zhongzhi said that in order to achieve these goals, China needs to implement a series of climate policies. The introduction of a national emissions trading system for the electricity sector is a good start, and the system can be made more effective. Equally important, China's continued reforms towards high-quality, sustainable and balanced growth will help lower carbon emissions. Shifting from investment-led growth to consumption-led growth, supporting the expansion of services and high-tech industries, would reduce the energy demand and carbon intensity of economic growth.

(Editors in charge: Yan Meng, Chang Hong)

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