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of information technology, and revamping long-standing practices in acquiring, disseminating and analyzing information ,” adds Marco Marini, who is part of the IMF’s Statistics Department. Such changes will include new legal agreements, adapting cloud storage and related big data platforms, and acquiring an expertise in data science and machine learning techniques. The necessary skills will be acquired through a combination of training existing employees and hiring those with new skills. In short, a big data practice for policy analysis and economic surveillance in

International Monetary Fund. Strategy, Policy, & and Review Department

Timeline INDICATIVE GROSS ADMINISTRATIVE NEEDS 3.9–6.5 2.6–4.3 Strategic Priority 2: Global data commons Support members establish cloud-based open data for publication (SDMX) 1.1–1.8 FY19-FY21 Strategic Priority 3: Support the use of Big Data Big Data Platform License 0.6–0.9 FY19-ongoing Knowledge Exchange for best practices 0.2–0.4 0.5–0.8 FY19-ongoing Sponsor peer-to-peer learning for sharing of best practices on Big Data 0.5–0.8 FY19-ongoing

International Monetary Fund. Strategy, Policy, & and Review Department
The first data and statistics strategy for the Fund comes at a critical time. A fast-changing data landscape, new data needs for evolving surveillance priorities, and persisting data weaknesses across the membership pose challenges and opportunities for the Fund and its members. The challenges emerging from the digital revolution include an unprecedented amount of new data and measurement questions on growth, productivity, inflation, and welfare. Newly available granular and high-frequency (big) data offer the potential for more timely detection of vulnerabilities. In the wake of the crisis, Fund surveillance requires greater cross-country data comparability; staff and authorities face the complexity of integrating new data sources and closing data gaps, while working to address the weaknesses noted by the IEO Report (Behind the Scenes with Data at the IMF) in 2016. The overarching strategy is to move toward an ecosystem of data and statistics that enables the Fund and its members to better meet the evolving data needs in a digital world. It integrates Fund-wide work streams on data provision to the Fund for surveillance purposes, international statistical standards, capacity development, and data management under a common institutional objective. It seeks seamless access and sharing of data within the Fund, enabling cloud-based data dissemination to support data provision by member countries (e.g., the “global data commons”), closing data gaps with new sources including Big Data, and improving assessments of data adequacy for surveillance to help better prioritize capacity development. The Fund also will work with policymakers to understand the implications of the digital economy and digital data for the macroeconomic statistics, including new measures of welfare beyond GDP.
IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.
International Monetary Fund. Office of Budget and Planning

legacy systems (e.g., platform and the member banking system) that will need upgrading or replacement in the medium-term, a Big Data platform, and improvements to the portal used by donors. The remaining $6 million is for life-cycle infrastructure replacements. This is somewhat lower than indicated in the FY 19–21 MTB, driven by longer life expectancies for mobile devices and lower storage needs due to systems migrating to cloud platforms. Elevated medium-term IT capital needs IT capital budget needs are expected to be elevated in the medium term

International Monetary Fund. Asia and Pacific Dept

used to gradually realize the objectives of “look-through” supervision . The CBIRC has built an intelligent inspection big data platform with macroscopic horizon and microscopic analytical capabilities, and has developed and run trial operations of capital flow auxiliary analytical tools, with a focus on difficult problems in the area of look-through supervision, including tracing fund flows covered by fund pooling and identifying ultimate controlling owners. The utilization of “look-through” principles has been strengthened in regulatory agencies’ onsite inspections

International Monetary Fund. Asia and Pacific Dept
The Chinese economy continues its fast recovery from the health and economic crisis as a strong containment effort and macroeconomic and financial policy support have mitigated the crisis impact and helped the economy rebound. However, growth is still unbalanced as the recovery has relied heavily on public support while private consumption is lagging. Rising financial vulnerabilities and the increasingly challenging external environment pose risks to the outlook. Important reforms have progressed despite the crisis, but unevenly across key areas.