China must fix shortcomings to lead globalisation, says IMF's David Lipton

China is on track to build up a debt-to-gross domestic product ratio of more than 320 per cent by 2022, a level that would rival Japan's

China should be willing to loosen trade and investment restrictions if it seeks to play a leading role in globalisation, International Monetary Fund First Deputy Managing Director David Lipton said. 
 

Speaking at the Asian Financial Forum in Hong Kong on Monday, Lipton acknowledged that China’s leadership has been a “voice of reason” in terms of preserving the current system of rules-based international trade, but the nation also had more to do.

“We believe that effective and credible leadership in support of globalisation also requires a willingness to recognise and address one’s own shortcomings,” Lipton said. That means “protecting intellectual property rights