IMF welcomes China's consumption push in draft 15th FYP, sees trade surpluses narrowing

The draft outline of China's 15th Five-Year Plan (2026-30) has proposed achieving a notable increase in household consumption as a share of GDP.

Marshall Mills, International Monetary Fund's senior resident representative in China, said the IMF welcomes China's emphasis on boosting domestic demand and promoting consumption.

Rebalancing toward domestic consumption will unlock China's growth potential, narrow its trade surpluses and help support more sustainable global growth, Mills said in an exclusive interview with China Perspective.

"Last year, growth in China contributed (around) 30 percent of overall global growth. Strong growth in China will continue this substantial contribution," he said, urging bolder reforms to boost consumption.