March 25, 2024 (EIRNS)—International Monetary Fund Managing Director Kristalina Georgieva spoke on March 24 at the China Development Forum (CDF), lecturing the Chinese that the country must change course and “reinvent itself” with economic policies to speed resolution of its property market crisis and boost domestic consumption and productivity, or face what the Western gurus are forecasting as a Chinese collapse. She intoned: “China faces a fork in the road: Rely on the policies that have worked in the past, or reinvent itself for a new era of high-quality growth.” You must stop doing what has transformed you into a leading world economy, she demanded.
The tone was very different from most of the CEOs, who, according to Global Times, “put on a vivid display of global businesses’ confidence and commitment to the Chinese market, as China’s economy continues to recover and the country continues to open up its market to the world.... Crucially, the number of U.S. business leaders at the CDF this year saw a significant increase. Also notable is the presence of major U.S. chip firms such as Qualcomm, Micron and AMD. Of the more than 80 executives listed, over 30 were from the U.S., or around 40%.”
