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China has made great strides in digital economy: IMF chief

Abstract : China has made great strides in reshaping its own economy based on technology, and now other emerging markets are getting a push from the same digital engines, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Monday night.

WASHINGTON, April 20 (Xinhua) — China has made
great strides in reshaping its own economy based on technology, and now
other emerging markets are getting a push from the same digital engines,
International Monetary Fund (IMF) Managing Director Kristalina
Georgieva said Monday night.

Delivering remarks for the opening ceremony of Boao Forum for Asia
Annual Conference, Georgieva highlighted three major global changes,
which include digital transformation that has been accelerated by the
COVID-19 pandemic.

Among the economies that have the largest information and
communication technology sector by share of gross domestic product
(GDP), 13 of the top 30 are in the emerging world, she noted.

“To further seize this opportunity, governments should scale-up smart
public investments — especially in the digital skills and
infrastructure to build a 21st century workforce,” she said.

Another major global change, the IMF chief said, is the shift from deep recession to recovery.

The IMF’s most recent forecast puts global growth at 6 percent this
year and 4.4 percent in 2022, thanks to the “extraordinary
interventions” by governments, and spurred by the prospect of expanding
vaccinations, she said.

However, “we must not take the recovery for granted,” as there is a
dangerous divergence in economic fortunes across and within countries,
she said, adding that vulnerable households and viable firms will need
continued support so long as the crisis persists.

“As recovery takes hold, governments can gradually scale back support
programs — but scale up targeted hiring subsidies and retraining and
reskilling,” she added.

The third major change is the pivot to low-carbon and resilient
growth in response to climate change, said the IMF chief, who welcomed
China’s commitment to reach net-zero by 2060.

According to IMF analysis, a coordinated green infrastructure push
combined with carbon pricing could boost global GDP in the next 15 years
by 0.7 percent per year, and create millions of jobs.

“In a world of change, one thing remains constant — the importance of solidarity between countries,” Georgieva said.

This has been a key feature of the crisis — not just the exceptional
fiscal and monetary measures, but also initiatives such as the Common
Framework for orderly debt resolution, agreed by the Group of 20, and
the possible new Special Drawing Rights allocation of 650 billion U.S.
dollars from the IMF, she continued.

“By further strengthening this kind of global cooperation, we can
turn a world of change into a world of opportunity for all,” she added.
Enditem

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Source: China has made great strides in digital economy: IMF chief

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