IMF chief urges China to boost growth with ‘pro-market reforms’

The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of pro-market reforms" to boost a sluggish economy beset by a housing market crisis, low domestic demand and persistently high youth unemployment.

The Bulgarian economist warned that “this transformation would not be easy”, but argued that “with a comprehensive package of pro-market reforms, China could grow considerably faster than a status quo scenario”, according to an official transcript of her speech. Georgieva also pushed China to strengthen “the business environment and a level playing field between private and state-owned enterprises”, a long-standing demand of overseas business groups operating in the Asian nation.

Sunday’s forum was attended by some of the world’s highest-profile business figures, including Apple’s Tim Cook. Three Philippine troops were injured in the latest China Coast Guard water cannon attack on a Filipino supply vessel near a South China Sea reef, Manila's national security adviser said Sunday.The Lagos State Attorney General and Commissioner for Justice, Mr Lawal Pedro , says the state is fully ready for state police, only waiting for whistle to be blown for the creation.

The students kidnapped from their schools in Kuriga, Kaduna state, have been released by their abductors, the state governor said on Sunday morning. Abdulaziz Abdulaziz, a media aide to President Bola Tinubu, said in a Facebook post that "all the 137 abducted school children" were freed.

Source: News Formal (newsformal.com)

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