21:54 GMT +309 December 2019
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    International Monetary Fund (IMF) Managing Director Christine Lagarde

    China's Development Managed to Change Entire Global Economy - IMF Chief

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    SHANGHAI, CHINA (Sputnik) - China's economic development has changed not only the internal life in the country, but the entire global economy, Managing Director of the International Monetary Fund (IMF) Christine Lagarde stated at the opening of the first China International Import Expo (CIIE) in Shanghai.

    "40 years ago China started to build its bridge to the world by opening its economy and kick-starting reforms that have changed the lives and prospects of hundreds of millions of people here but also beyond China. By transforming itself through trade, through hard work, also learning from others, China has helped transform not only itself but also the global economy," Lagarde said.

    China is building a bridge to prosperity by reorienting the economy from growth driven by investment and export to growth driven by consumption, according to Lagarde.

    The IMF chief noted that further development aimed at expanding the intentional cooperation and re-balancing the Chinese economy requires "even greater openness of China’s domestic market and further reforms to unlock the full potential of private-sector firms."

    READ MORE: WATCH Chinese, US Warships Narrowly Avoid Collision in South China Sea

    The CIIE, hosted by the Chinese Commerce Ministry and Shanghai Municipal People's Government, will last through November 10. Over 2,800 companies from 130 countries are participating in the event.

    Russian companies are represented in five industry areas, namely food and agricultural products, high-tech equipment, medical equipment and goods, services, consumer goods. The Russian delegation is headed by Prime Minister Dmitry Medvedev.


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