• David Lipton, First Deputy Managing summary IMF said in Beijing on the 29th, if the local government financing platform included in the general government debt "augmentations" concept has increased to an estimated nearly 50% of GDP, The corresponding "augmented" fiscal deficit was about in 2012
David Lipton, First Vice President of the International Monetary Fund, said in Beijing on the 29th that if the local government financing platform is included, the general government debt estimate under the concept of “enlargement†has increased to nearly 50% of GDP. The “augmented†fiscal deficit was about 10% of GDP in 2012. Lipton made the above remarks at a press conference held after the IM F delegation concluded its annual policy consultation with China's fourth clause. Lipton said that although this deficit is partly financed by land transfer and the debt under the concept of augmentation is still at a fully controllable level, the deficit must be gradually reduced in the medium term to ensure a stable debt situation. Sustainable. “Important work in this area includes: continuing to implement tax reforms, comprehensively realigning local government finances, reconfiguring resources according to spending needs, and reforming local government investment and borrowing systems.â€
The IMF delegation visited Beijing, Shanghai, Guiyang and Anshun from May 15 to 29, and conducted the 2013 China Policy Fourth Policy Annual Policy Consultation. According to the assessment, IM F expects China's economic growth rate to reach 7.75% this year, and with the recent credit expansion effect, global economic growth is expected to accelerate, and economic growth will pick up slightly. This estimated growth rate is lower than the 8% forecast in 2012. Lipton pointed out that the main reason for the decrease is to consider the impact of global economic growth on Chinese exports. China’s exports have recently slowed down, which is also dragged down by the global economy. China needs to shift from this export-driven growth to domestic demand-driven growth.
Lipton pointed out that the Chinese economy faces major challenges. Specifically, the rapid growth of total social financing (the broad measure of credit) raises concerns about the quality of investment and its impact on liquidity, and an increasing proportion of these credit flows are not The part of effective supervision is carried out. Economic growth has become too dependent on the continued expansion of investment, mainly in the real estate sector and local government investment. The financial situation of the real estate sector and the government has been affected. Severe income inequality and environmental issues further illustrate the need to change the current pattern of economic growth.
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