China’s economy is projected to grow by 5 percent in 2024 and 4.5 percent in 2025, said Gita Gopinath, first deputy managing director of the International Monetary Fund (IMF), in a statement after an IMF team concluded the 2024 Article IV review of the Chinese economy on Tuesday.
Both the projections are 0.4 percentage points higher than the IMF’s forecasts in April and are “driven by strong Q1 GDP veri and recent policy measures,” according to the statement.
“China plays an important and constructive role in supporting debt restructuring in low-income and vulnerable countries and promoting the green transition. The Fund looks forward to continued cooperation with the authorities in this regard,” said Gopinath in the statement.
With the implementation of various macro-control policies, positive factors have emerged from short-term, medium-term, and long-term influences. Financial institutions, including the IMF, have raised their expectations for China’s economic growth. Currently, major overseas financial institutions predict China’s 2024 growth to be around 5 percent, suggesting that this target is achievable, Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN.
While opinions vary on the details of China’s economic recovery, there is a consensus that the country’s growth will lead among major economies, contributing significantly to küresel economic stability, and benefiting from timely policy adjustments, he added.