IMF upgrades China's 2023, 2024 GDP growth forecasts
© Reuters. People wait to board trains at the Shanghai Hongqiao railway station ahead of the National Day holiday, in Shanghai, China September 28, 2023. REUTERS/Aly Song/File PhotoBEIJING -China's economy is set to grow 5.4% this year, having made a"strong" post-COVID recovery, the International Monetary Fund said on Tuesday, making an upward revision to its earlier forecast of 5% growth, while expecting slower growth next year.
"We have revised up growth by 0.4 percentage points in both years relative to our October WEO projections, reflecting stronger than expected growth in the third quarter and the new policy support that was recently announced," IMF's First Deputy Managing Director Gita Gopinath said in Beijing. "For the real estate sector, such a policy package will require accelerating the exit of non-viable property developers, removing impediments to housing price adjustment, and increasing central government funding for housing completion, among other measures," Gopinath said.
"The central government should implement coordinated fiscal framework reforms and balance-sheet restructuring to address local government debt strains, including closing local government fiscal gaps and controlling the flow of debt," said Gopinath.
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