China's policies to open up economy will boost trade: IMF

Christine Lagarde, the Managing Director of the International Monetary Fund (IMF), on Monday praised China for facilitating economic and trade cooperation at a time of growing protectionism and an ongoing trade war between Beijing and Washington.

Lagarde also spoke about China's growing importance in global trade during the inauguration of the first China International Import Expo, which began here on Monday, reports Efe news.

She said China had built a "bridge" 40 years ago when it started opening up its economy, and was building one again now with its structural reforms, seeking to move away from an exports-based model to one based on domestic consumption.

Lagarde also called for efforts to alleviate current trade disputes, in a reference to the US-China trade war, and urged countries to work toward repairing the economic system instead of destroying it.

A better business environment would lead to a better international environment, added Lagarde.

The World Bank President Jim Yong Kim, called China's opening up of its economy a lesson for everyone and said trade led to inclusive economic growth as it created jobs.

The Expo, that is being attended by more than 3,000 companies from 130 countries, will conclude on Saturday. -IANS