The International Monetary Fund raised its forecast for China's growth this year to 5%, from 4.6% previously, due to 'strong' first quarter figures and policy moves.
The International Monetary Fund raised its forecast Wednesday for China's growth this year to 5%, from 4.6% previously, due to "strong" first quarter figures and recent policy measures.
Recent real estate policy moves are "welcome," but more comprehensive action is needed, Gita Gopinath, the IMF's first deputy managing director, said in a statement.The upgrade followed an IMF visit to China for a regular assessment. The organization now expects China's economy to grow by 4.5% in 2025, up from the previous forecast of 4.1%.
"The priority should be to mobilize central government resources to protect buyers of pre-sold unfinished homes and accelerate the completion of unfinished presold housing, paving the way for resolving insolvent developers," she said. The IMF release said that during her visit to China this month, Gopinath met with People's Bank of China Governor Pan Gongsheng, Ministry of Finance Vice Minister Liao Min, Ministry of Commerce Vice Minister Wang Shouwen, PBOC Deputy Governor Xuan Changneng, National Financial Regulatory Administration Vice Chairman Xiao Yuanqi.
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