The International Monetary Fund’s First Deputy Managing Director David Lipton said China should address own shortcomings on trade and investment.
At the Asian Financial Forum, he said globalization will not receive sustained global support unless it is based on free and fair trade and investment practices.
The restrictions on trade in China have generated criticism from some trading partners, Lipton noted. It also means protecting intellectual property rights and reducing the distortions of industrial policy, overcapacity, and policies that favor state enterprises.
Further, Lipton said better globalization is in China’s own interest.
At home, China has a window of opportunity to accelerate economic reforms that can secure sustainable and inclusive growth, he observed.
Nonetheless, Lipton said China has taken on an important role in the developing world by providing the funding to develop infrastructure.
Lipton advised China not only to ensure foreign direct investments are commercially viable but also to take into account its impact on governance, capacity building and sustainable development.
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