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IMF urges China to expand Covid-19 vaccinations, revive real estate sector

The International Monetary Fund (IMF) called on China on Wednesday to increase vaccination rates against Covid-19 and more robustly help its troubled real estate sector to restore confidence and reduce the risks of a slowdown. global economy and high energy prices.

In a statement following virtual meetings for its annual review of China’s economic policies, the IMF said it maintained the GDP growth forecasts released in October.

The fund forecasts growth of 3.2% in 2022 and 4.4% in 2023, assuming a gradual suspension of the strict Covid-zero strategy in the country in the second half of next year.

“While the Covid-zero strategy has become more agile over time, the combination of more contagious Covid-19 variants and persistent vaccination gaps has led to the need for more frequent lockdowns, weighing on consumption and private investment, including in housing,” IMF First Deputy Managing Director Gita Gopinath said in a statement.

“Going forward, a recalibration of the Covid-19 strategy must be well prepared and include increasing the pace of vaccinations and keeping them at a high level to ensure that protection is preserved,” added Gopinath.

The comments come as Chinese authorities are grappling with a surge in Covid-19 cases that has deepened concern about the economy and dampened expectations for a quick reopening.

The IMF said that economic risks to India are negative due to the global slowdown, higher energy prices and tighter global financial conditions.

The IMF recommended that China’s fiscal policy be neutral in 2023 after strong support this year, but should protect the recovery and facilitate the rebalancing towards more domestic consumption.

The body said Chinese monetary policy should remain accommodative and be based on interest rate-related measures.

The fund also applauded recent initiatives to support China’s real estate sector, including a loan program to help complete unfinished housing and allow forbearance on troubled real estate loans.

Source: CNN Brasil

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