IMF Staff Country Reports

People's Republic of China: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China

Publication Date:

February 2, 2024

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

China has enjoyed decades of impressive growth, which has significantly improved living standards and largely eradicated extreme poverty. The growth has, however, been accompanied by widening imbalances and rising vulnerabilities, as excessive investment in infrastructure and housing has resulted in rising debt levels among property developers, local governments (LG), and local government financing vehicles (LGFVs). The authorities have proactively sought to contain developer leverage. This has contributed to a significant, but needed, adjustment in the property market that continues to weigh on economic activity, including through its impact on LG finances. Amid these structural challenges, the authorities have appropriately announced their goal to transition to high quality growth while tackling risks from the property sector and LG debt.

Series:

Country Report No. 2024/038

Subject:

Economic sectors Expenditure Financial Sector Financial sector policy and analysis Financial sector stability International organization Monetary policy Public debt

Frequency:

regular