IMF raises China's economic growth forecast

(ECNS) -- China's economic growth will remain resilient, with growth rates expected to be 5 percent in 2024 and 4.5 percent in 2025, both revised up by 0.4 percentage points from the April forecast, according to Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), on Wednesday in Beijing.

China's economic growth target for 2024 is around 5 percent. In the first quarter, its GDP reached 29.6299 trillion yuan (about $4.09 trillion), achieving a year-on-year growth of 5.3 percent.

Gopinath said the IMF raised China's economic growth forecast because of the strong GDP growth in the first quarter and recent policy measures.

Gopinath mentioned that China has implemented several commendable measures to guide the real estate market, including recently announced policies to provide loan support for affordable housing.

A more comprehensive package of policies will facilitate an efficient transition and reduce the costs of transformation while mitigating downside risks, he said.

Gopinath also mentioned that China plays an important and constructive role in supporting debt restructuring for low-income and vulnerable countries and in promoting green transformation. He said the IMF looks forward to continuing its cooperation with China in these areas.