A top official at the International Monetary Fund says economic reforms will ensure China remains a strong engine of global recovery. He made the comment as political, business and academic leaders gathered for this year’s China Economic Development Forum.
The world economy has experienced sluggish growth since the financial crisis of 20-08.
But, this Forum seeks ways of re-igniting the global economy.

CGTN’s Ming Tian filed this report.

The world economy has not returned to its full potential, despite signs of recovery and stabilization. At the annual China Development Forum, experts from China and all over the world agreed that challenges persist.

” Financial conditions US rate hikes… Political economic integrations… Need to lift growth, higher level, all will be benefited, “ said Zhang Tao, Deputy Managing Director at the
International Monetary Fund.

Almost a decade after the global financial crisis, the world’s economic growth rate has yet to return to pre-crisis levels. This comes as there is opposition to free trade and globalization. Prime examples would be the Britons voting to leave the European Union… and across the Atlantic, Americans voted Donald Trump to the White House.

“Panelists are deeply worried that this backlash on globalization is going to hurt the fragile and uneven global recovery. They say it is important to work together, but not shut out your partners and your opportunities.”

“Backlash on anti-globalization not to close market, but open the doors,” said Gabriela Ramos Patino, Oecd Chief Of Staff, G20 Sherpa.

Business executives, however, are confident about the outlook on free trade.

“I think innovations have improved productivity almost two thirds, and backed job creations. Technology innovation brings out higher-end jobs, and high-paid jobs, which is part of the concerns of the speakers. I think free trade going to force itself people will go back to the reality that free trade is beneficial for everybody,” said Yousef Al-Benyan, Ceo of Sabic

Experts also pointed out that other issues are adding to the woes of global growth, notably the refugee crisis in the Middle East, and political elections in Europe. With so many tasks at hand to “fix” the world economy, it’s now time for those in power to choose the right tasks to start the journey.