IMF official lauds China's measures to boost economy

China's recent policies to boost the economy are on the right direction, but more needs to be done to revitalize its struggling property sector, said Krishna Srinivasan, director of the International Monetary Fund (IMF)'s Asia-Pacific Department.

China announced a raft of monetary stimuli, property market supports and capital market strengthening measures to boost economic growth in late September, which has been warmly received by both domestic and foreign investors.

In an interview with China Global Television Network (CGTN) in Tokyo, Japan on Friday, Srinivasan said the impactful measures announced by the Chinese government are a great boost for market confidence.

"All the measures that have been announced by the government, whether it's the monetary measures or the financial sector measures, all the measures on the fiscal side, trying to help the local governments, all these are in the right direction, are heading to the right direction. But it's our belief that more needs to be done to put the property sector on a more durable footing," said Srinivasan.

The IMF official also expressed high expectations for the upcoming APEC Peru 2024 scheduled from Nov. 10 to 16.

"The APEC is a very important organization. It has 21 members, all of which are very important in the global arena. So this is an opportunity again to talk about greater integration, fight against the forces of geoeconomic fragmentation. And so have a forum to have a good discussion, good dialog on what needs to make, what we need to do to make the world a better place in terms of improving or lowering fragmentation, lowering trade restrictions and so on. And at the end of the day, most of the world's problems can be resolved through dialog and discussion. And that's the hope for all these forums like APEC and others," said Srinivasan.

APEC is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.

Its 21 member economies are home to nearly 40 percent of the world's population, account for around half of the global merchandise trade and around 60 percent of global GDP.

IMF official lauds China's measures to boost economy

As the seventh China International Import Expo (CIIE) approaches, New Zealand companies from various sectors are ramping up the scale of participation to increase their presence at the expo.

Qi Jun, president of the China Chamber of Commerce in New Zealand, noted that the exhibition space for New Zealand businesses has grown by 30 percent this year compared to previous editions.

"We've also seen a record number of companies participating this year's expo. This event presents a fantastic opportunity for New Zealand firms to integrate into global, especially Chinese, supply chains," Qi said.

The lineup includes not just New Zealand's famous dairy sector, but also exhibitors from honey, meat, wine, and health supplements, making this the largest representation to date.

Jarrod Rhodes, marketing manager for a leading New Zealand health supplement company, emphasized the significance of the Chinese market, which constitutes an impressive 74 percent of their global sales. Recognizing the opportunities presented by the CIIE, his company has secured the biggest booth in the New Zealand pavilion this year.

"And we are going from last year in 2023, because we had such success in bringing the products to China that we wanted to return this year again. It allows us to host some of our key customers at the stand, such as our influencer channel people and our general trade distributors. But also it gives us a chance to build up as part of 'Double Eleven' (China's online shopping festival around Nov 11). CIIE is a perfect vehicle for us to show that to the Chinese consumers and show that we are committed to China's growth," Rhodes said.

The seventh CIIE, scheduled to be held in Shanghai from Nov 5 to 10, has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend, along with nearly 800 purchasing groups from multiple countries.

New Zealand businesses eager to participate in 7th CIIE