IMF ups its forecast on China's economic growth

Updated: Nov 8, 2023 By Zhou Lanxu Print
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A view of the skyscrapers in Beijing's CBD area. [Photo by Sheng Peng/For China Daily]

The International Monetary Fund has revised its forecast of China's economic growth to 5.4 percent from 5 percent in October due to a stronger-than-expected third-quarter output and recent policy announcements.

Gita Gopinath, the IMF's first deputy managing director, said on Tuesday that the Chinese economy is projected to grow by 5.4 percent in 2023, reflecting a strong post-COVID rebound in domestic demand, particularly consumption.

The projection was up by 0.4 percentage points relative to the IMF's World Economic Outlook projections in October, Gopinath said, citing the recently adopted additional treasury bonds worth 1 trillion yuan ($137.3 billion) as a key factor behind the upgrade.

In 2024, China's economy is expected to grow by 4.6 percent, up from the previous forecast of 4.2 percent, yet continuing weakness in the property market and subdued external demand may weigh on growth, Gopinath added.

She made the remarks at a news conference in Beijing after an IMF team visited China from Oct 26 to Tuesday to conduct discussions on the 2023 Article IV Consultation, whereby the team held constructive discussions with senior officials, private sector representatives and academics to exchange views on economic prospects and risks, reform progress and challenges, and policy responses.

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