China's performance matters to the world economy, IMF praises the move away from zero-Covid policy

Huangshan: China is making an effort to move away from its hardcore zero-Covid policy. Kristalina Georgieva, the managing director of the International Monetary Fund, praised Beijing's decisive move and said it matters to the world.

She said China's performance in the economy matters not just to China but to the world economy as well. "The effort to boost vaccination rates and anti-viral treatments is very good for the Chinese people, but also important for Asia and the rest of the world," she added.

Speaking after a conference in the eastern city of Huangshan hosted by outgoing Premier Li Keqiang, she said: "We welcome very much the decisive actions taken by the Chinese authorities to recalibrate the Covid policies so as to create a better impetus for the revival of growth in China."

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, was also at the briefing and welcomed China's move. She said the retreat from zero-Covid policies will help remove one set of uncertainties in a world recovering from the impacts of the pandemic, the war in Ukraine, and climate change. Secretary-General of the Organisation for Economic Co-operation and Development Mathias Cormann backed her and said the adjustments will support the recovery both in China and globally.

The Chinese population has been protesting against the Covid-related restrictions across the nation. On Wednesday, Beijing announced that it is loosening the approach to coronavirus outbreaks. This means an end to large-scale lockdowns and allowing patients to isolate at home. Health experts in China have claimed that the pathogenicity of the omicron strain of the coronavirus now is significantly reduced. The high vaccination rates are also considered enough to prevent a severe outbreak that can overwhelm the hospitals.