## Three Bridges to a Prosperous Future

_IMF News, November 5, 2018_

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## Bibliographic details
- Authors: Christine Lagarde
- Published: November 5, 2018

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### Bridge number one — “bridge to the world”
- China began building this bridge 40 years ago by opening its economy and initiating reforms that transformed the lives and prospects of hundreds of millions of people.
- China's integration through trade, hard work, and learning from others has contributed significantly to global productivity, innovation, and living standards.
- Policy emphasis:
  - Further increase openness in China’s domestic market to strengthen the global trade system.
  - Continue reforms to unlock the full potential of private-sector firms.
- Key observation:
  - Avoid “traffic jams” on these bridges — i.e., prevent barriers that hinder openness and market access.

### Bridge number two — “bridge to prosperity” (rebalancing toward consumption)
- China is rebalancing toward consumption-led growth rather than export- and investment-led growth.
- Evidence of progress:
  - In the first three quarters of this year, consumption contributed 78 percent to China’s GDP growth, up from 50 percent only 5 years ago.
  - China’s current account surplus is projected to be less than 1 percent of GDP this year, compared with about 10 percent in 2007.
- Benefits:
  - Higher standards of living for the Chinese people.
  - Expanded opportunities for foreign exporters and service providers as China becomes a more vibrant market.
- Policy emphasis:
  - Support the ongoing transition to consumption-led growth to sustain domestic prosperity and global market demand.

### Bridge number three — “bridge to the future” (international cooperation and trade)
- China is harnessing international cooperation, especially on trade, to build a bridge to the future.
- The IMF calls on all countries to:
  - De-escalate and resolve current trade disputes.
  - Fix the global trade system rather than destroy it.
- Broader point:
  - More international cooperation is needed across and beyond economics to achieve stable, prosperous global outcomes.
- Philosophical note:
  - Montesquieu quoted to emphasize trade’s role in fostering good citizenship, prosperity, and peace.

### Closing appeal and symbolic context
- The speech uses Shanghai — “the city of 12 bridges” — as a symbol and a call to work together to build bridges to peace and a prosperous future.
- Closing words: “Thank you. Xièxiè.”

*Christine Lagarde, IMF Managing Director; China International Import Expo, Shanghai; November 5, 2018*

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## References

- [Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)
- [People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)
- [Speeches](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2018/11/05/three-bridges-to-a-prosperous-future_