IMF Upgrades China’s Economic Growth Forecast, Citing Strong Recovery and Reform Efforts
Image Source: KNN India
In a recent announcement, the International Monetary Fund (IMF) has upgraded its outlook for China’s economy, reflecting a robust recovery and efforts to bolster the nation’s real economy. The IMF has raised its growth forecasts for both this year and the next by 0.4 percentage points. According to the updated projections, China is expected to achieve a 5.4% growth rate in 2023 and a 4.6% growth rate in 2024.
Gita Gopinath, the IMF’s first deputy managing director, commended the Chinese authorities for their measures to support the property market. However, she emphasized the need for additional actions to ensure a swift recovery and minimize economic costs during the ongoing transition.
In response to the IMF’s suggestions, China’s central institutions have outlined their plans. The People’s Bank of China (PBOC) has declared its commitment to maintaining monetary policy stability, emphasizing cross-cycle and countercyclical adjustments and expanding its policy toolkit. The PBOC also aims to promote the internationalization of the renminbi and facilitate trade, investment, and financing.
Simultaneously, the China Securities Regulatory Commission is dedicated to enhancing the stock issuance registration system, strengthening mechanisms, implementing investment reforms, attracting long-term funds, and stimulating a dynamic capital market.
These concerted efforts by the Chinese government and financial institutions reflect a commitment to sustain economic growth and stability while embracing internationalization and market development. The IMF’s revised positive outlook underscores China’s resilience and determination to navigate the challenges of a transitioning economy.
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- Harshit Tokas is a Political Science and International Affairs Post-Graduate with a passion for understanding and analyzing complex political landscapes. Skilled in research, data analysis, and policy development. Eager to contribute his knowledge and insights to drive positive change.
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