The International Monetary Fund (IMF) has revised its outlook for China's economy, indicating a better-than-expected performance and efforts to revitalize the struggling property market.
Upgraded Growth Projection
The IMF has raised its growth projection for China for both this year and the next by 0.4 percentage points. According to the latest forecast, China's GDP is expected to grow by 5.4% in 2023 and 4.6% in 2024.
Measures to Support the Property Market
Challenges in the Chinese Stock Market
While China's economy has been on an upward trajectory, the stock market has faced challenges, particularly due to concerns surrounding the property sector and the country's gradual rebound from the impact of COVID-19. As a result, the Shanghai Composite (CN:SHCOMP) recorded a 1% decline this year, and the Hang Seng (HK:HSI) experienced a 10% drop.
As China continues its efforts to navigate through these challenges, the revised growth forecast suggests a positive outlook for its economy. With continued support and implementation of effective measures, China aims to achieve a robust recovery and sustain its growth momentum in the coming years.
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