The International Monetary Fund has upgraded its forecast for China's economy, while warning that reforms are needed to sustain growth. The IMF said the world's second-largest economy will likely grow at a 5% annual rate this year, based on its growth in the first quarter and recent moves to support the property sector.
Women select clothing at a fashion clothing booth as shoppers tour at a shopping mall in Beijing, Sunday, May 26, 2024. The International Monetary Fund has upgraded its forecast for China ’s economy, while warning that consumer-friendly reforms are needed to sustain strong, high-quality growth. Cranes at a construction site in the Central Business District are reflected on a window panels of an office building in Beijing, Sunday, May 26, 2024.
The IMF also said Beijing should scale back subsidies and other “distortive” policies that support manufacturing at the expense of other industries such as services.at “around 5%,” and the economy grew at a faster-than-expected 5.3% in the first quarter of the year, boosting the global economy. But it added that “a more comprehensive and balanced policy approach would help China navigate the headwinds facing the economy.” Job losses, especially during the pandemic, and falling housing prices have hit the finances of many Chinese.
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