Latest news with #Georgieva
The Star
10-05-2025
- The Star
Bulgarian students compete for spots in final round of Mandarin contests in China
SOFIA, May 10 (Xinhua) -- Eleven Bulgarian teenagers on Saturday took part in the national qualification contest of the 18th "Chinese Bridge" contest, a Chinese language proficiency competition for foreign secondary school students. The young contestants demonstrated their language skills and talents related to Chinese culture, earning rounds of applause from the audience at the Multifunctional Hall of the Confucius Institute in Sofia. Veronika Georgieva, a student from Vasil Levski Secondary School in the city of Ruse, emerged as the winner of this year and earned the chance to represent Bulgaria at the final stage of the competition in China. This is the third consecutive year that 16-year-old Georgieva has participated in the contest. In 2024, she took second place, she told Xinhua. "For me, this award is an encouragement for the efforts I have made in previous years and my hard studying," she said, adding that she was eager to experience life in China first hand. The event is part of a set of "Chinese Bridge" contests held annually in Bulgaria. The university-level contest is scheduled for Sunday, while primary school students will compete on May 17. Speaking at the opening ceremony, Wang Min, charge d'affaires of the Chinese Embassy in Bulgaria, emphasized that the event is not just a language competition, but also a bridge that connects hearts and cultures. More and more young Bulgarians are getting closer to the language and Chinese culture through this competition, she said, adding that the contest is building bonds of friendship between the peoples of China and Bulgaria. Co-organized by the Confucius Institute in Sofia and the Confucius Institute at the University of Veliko Turnovo, the event is hosted by China's Center for Language Education and Cooperation and the Chinese Embassy in Bulgaria.
Yahoo
05-05-2025
- Business
- Yahoo
IMF's Georgieva says IMF has been vocal about China's need to change economic model
By David Lawder WASHINGTON (Reuters) -International Monetary Fund Managing Director Kristalina Georgieva on Monday said the IMF has been vocal about its policy prescriptions for China to move away from an export-led growth model. Asked at the Milken Institute Global conference in the Los Angeles area whether the IMF needed to get tougher on China as a result of U.S. Treasury Secretary Scott Bessent's directive for the Fund to get back to its core economic stability mission, Georgieva said the Fund has been "doing exactly that." "For quite some time, we have been vocal that China has to deal with four problems that affect it domestically and affect it internationally. One, shift from export to more consumption. Two, fix the property sector," she said, adding that Beijing also needed to embrace the services sector for growth and reduce the state's role in the economy. She acknowledged the Chinese state footprint was unlikely to shrink much in the near term. During IMF and World Bank Spring Meetings last month, Bessent said that the two institutions needed to get back to their core economic stability and development missions after straying too far into climate, gender and equality issues. He also called on the IMF to be a "brutal truth teller" and said it should "call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades." Georgieva said that China would face deflationary pressures from a steep falloff of U.S. demand for its exports because of President Donald Trump's tariffs, while Europe also would see less demand, which could moderate inflation. The U.S., meanwhile would face a supply shock that would add inflationary pressures, she added. Sign in to access your portfolio
Reuters
05-05-2025
- Business
- Reuters
IMF's Georgieva says IMF has been vocal about China's need to change economic model
WASHINGTON, May 5 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva on Monday said the IMF has been vocal about its policy prescriptions for China to move away from an export-led growth model. Asked at the Milken Institute Global conference in the Los Angeles area whether the IMF needed to get tougher on China as a result of U.S. Treasury Secretary Scott Bessent's directive for the Fund to get back to its core economic stability mission, Georgieva said the Fund has been "doing exactly that." "For quite some time, we have been vocal that China has to deal with four problems that affect it domestically and affect it internationally. One, shift from export to more consumption. Two, fix the property sector," she said, adding that Beijing also needed to embrace the services sector for growth and reduce the state's role in the economy. She acknowledged the Chinese state footprint was unlikely to shrink much in the near term. During IMF and World Bank Spring Meetings last month, Bessent said that the two institutions needed to get back to their core economic stability and development missions after straying too far into climate, gender and equality issues. He also called on the IMF to be a "brutal truth teller" and said it should "call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades." Georgieva said that China would face deflationary pressures from a steep falloff of U.S. demand for its exports because of President Donald Trump's tariffs, while Europe also would see less demand, which could moderate inflation. The U.S., meanwhile would face a supply shock that would add inflationary pressures, she added.
Yahoo
05-05-2025
- Business
- Yahoo
IMF's Georgieva says IMF has been vocal about China's need to change economic model
By David Lawder WASHINGTON (Reuters) -International Monetary Fund Managing Director Kristalina Georgieva on Monday said the IMF has been vocal about its policy prescriptions for China to move away from an export-led growth model. Asked at the Milken Institute Global conference in the Los Angeles area whether the IMF needed to get tougher on China as a result of U.S. Treasury Secretary Scott Bessent's directive for the Fund to get back to its core economic stability mission, Georgieva said the Fund has been "doing exactly that." "For quite some time, we have been vocal that China has to deal with four problems that affect it domestically and affect it internationally. One, shift from export to more consumption. Two, fix the property sector," she said, adding that Beijing also needed to embrace the services sector for growth and reduce the state's role in the economy. She acknowledged the Chinese state footprint was unlikely to shrink much in the near term. During IMF and World Bank Spring Meetings last month, Bessent said that the two institutions needed to get back to their core economic stability and development missions after straying too far into climate, gender and equality issues. He also called on the IMF to be a "brutal truth teller" and said it should "call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades." Georgieva said that China would face deflationary pressures from a steep falloff of U.S. demand for its exports because of President Donald Trump's tariffs, while Europe also would see less demand, which could moderate inflation. The U.S., meanwhile would face a supply shock that would add inflationary pressures, she added.
Fibre2Fashion
26-04-2025
- Business
- Fibre2Fashion
US tariffs key point of friction at IMF-World Bank Spring Meetings
A key point of friction at the annual Spring Meetings of the International Monetary Fund (IMF) and the World Bank—marked by a sombre tone this year—was the recent surge of US tariffs, according to an article on the World Economic Forum (WEF) website. Concerns and reduced growth projections were based on the recent surge of tariffs and protectionism, and there was debate about the role of international financial institutions in addressing climate change. A key point of friction at the annual IMF-World Bank Spring Meetings was the recent surge of US tariffs, according to an article on the World Economic Forum website. The role of international financial institutions in addressing climate change was also debated. At the meetings, the IMF highlighted the need for proactive debt restructuring and fiscal reforms to ensure long-term sustainability. "Uncertainty is really bad for business. So, the sooner there is this cloud that is hanging over our heads is lifted, the better for prospects for growth," IMF managing director Kristalina Georgieva said, emphasising the urgency of resolving related trade disputes. At the meetings, the IMF highlighted the need for proactive debt restructuring and fiscal reforms to ensure long-term sustainability. However, there was a consensus at the meetings on the need for multilateral cooperation to navigate the complex challenges ahead. Ahead of the sessions, Georgieva cautioned that global economic resilience is under threat from intensifying trade distortions, a weakening multilateral system and renewed market volatility. The IMF has already downgraded its global growth forecast, citing tariff-related disruptions, and the World Bank has expressed similar concerns. The IMF's latest Global Financial Stability Report (GFSR) shows that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainties. "A trade policy settlement among the main players is essential, and we are urging them to do it swiftly, because uncertainty is very costly," Georgieva told a press conference. Fibre2Fashion News Desk (DS)
