Translated by: MOS Information Team – BlueAngel

The International Monetary Fund (IMF) warned in a January 28 report that the debt crisis facing China’s large property developers could impact the wider economy and global markets, and called on the CCP (Chinese Communist Party) to abandon its zero Covid policy.

The IMF believes that to eliminate this threat, Communist China needs to carry out deep reforms. It is generally believed that the liquidity problem has a lot to do with the CCP government’s comprehensive clean-up of the debt problem in the real estate market over the last year.

According to the report, in addition to the debt-ridden Evergrande, some developers were also facing funding shortages and there were “concerns of negative spillovers to the broader economy and global markets.” If Communist China’s growth suddenly stalls, the effect would spread outward through trade and commodity prices.

The IMF said that while China’s economic recovery is “well advanced,” it lacks balance and the momentum has slowed, partly because of weak consumption and recurrent Covid (CCP virus) outbreaks.

Communist China is where the pandemic first started and is the only country in the world that continues to adhere to a zero Covid policy while creating humanitarian disasters. This will adversely affect global supply chains and economic growth.

Reference link: https://gnews.org/post/p1928244/

Proofread by:  Penelope
Edited and Posted by: Penelope

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