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Slow down to follow China’s 6.6% growth in 2018: IMF
Beijing, May 30 (IANS) The IMF on Wednesday pegged the growth of the Chinese economy at a slightly slower pace of 6.6 per cent in 2018, followed by a gradual slow down over the next five years.
An IMF mission, led by its Asia and Pacific Assistant Director James Daniel, was in Beijing and southern business-hub Shenzhen from May 17 to 30 and presented the results of an annual report on the Chinese economy, known as Article IV, in a press conference on Wednesday.
“China’s economic growth accelerated in 2017 and is expected to weaken only slightly in 2018 to 6.6 per cent and moderate gradually to about 5.5 per cent by 2023,” the team said in a press release cited by Efe news.
The IMF mission met representatives of the government, the People’s Bank of China (China’s central bank), private companies and educational institutions to exchange views about China’s economic growth outlook, progress of reforms and challenges facing the country.
They said that the Chinese economy was performing well and the reforms were making good progress.
“Reforms progressed in several key areas: financial sector de-risking accelerated with a wide range of decisive measures adopted, credit growth slowed, overcapacity reduction progressed, anti-pollution efforts intensified and opening up continued,” said the press release.
The team also praised the government for shifting the policy focus from “high-speed to high-quality growth” adding that the earlier high growth rates were unsustainable and advocated a shift from excessive investment to consumption, which could ensure a cleaner environment and reduce risks.
The IMF also urged the Chinese authorities to allow market forces to play a decisive role in the economy, reduce the power of the public sector and ensure just competition.
Referring to recent trade disputes between China and the US, the mission said trade tensions could be harmful both by the direct impact of tariffs and due to uncertainty affecting the confidence of investors and consumers.
The IMF also supported Beijing’s Belt and Road Initiative for its potential to improve connectivity and eliminate trade barriers, although adding that resources should be appropriately distributed among the countries involved.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.