{"id":10582,"date":"2023-11-07T10:49:10","date_gmt":"2023-11-07T10:49:10","guid":{"rendered":"https:\/\/infundpros.com\/business\/imf-upgrades-china-growth-outlook\/"},"modified":"2023-11-07T10:49:10","modified_gmt":"2023-11-07T10:49:10","slug":"imf-upgrades-china-growth-outlook","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10582","title":{"rendered":"IMF upgrades China growth outlook"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Chinese economy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=470d5811-ffd8-4726-95d6-a72e2e66f4a8&amp;concept-id=bf38d79f-556e-4f4e-885c-a9e67594140a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>The IMF has raised its forecasts for China\u2019s economic growth, citing stronger policy support from Beijing, as Chinese regulators used a gathering of top Wall Street heads in Hong Kong to push back against investor gloom over the country.<\/p>\n<p>The fund said China\u2019s gross domestic product would grow 5.4 per cent in 2023, upgrading its previous forecast of 5 per cent. It came as China released weaker than expected export data, adding to recent mixed readings on retail spending, manufacturing and consumer prices.<\/p>\n<p>\u201cThe authorities have introduced numerous welcome measures to support the property market,\u201d the IMF\u2019s first deputy managing director Gita Gopinath said in a statement. \u201cBut more is needed to secure a quicker recovery and lower economic costs during the transition.\u201d\u00a0<\/p>\n<p>Beijing has been battling to improve confidence in the economy, which has struggled to rebound after stringent Covid-19 lockdowns last year, a property sector meltdown and weakness in export industries.<\/p>\n<p>Foreign investors have dumped tens of billions of dollars worth of Chinese stocks and bonds this year, a trend exacerbated by much higher interest rates in the US.<\/p>\n<p>The IMF said it had also upgraded its forecast for China\u2019s growth next year from 4.2 per cent to 4.6 per cent but cautioned that weakness in the property sector and subdued external demand would persist.<\/p>\n<p>Over the medium term, GDP growth was projected to decline gradually to about 3.5 per cent by 2028 because of weak productivity and an ageing population, said Gopinath.<\/p>\n<p>\u201cA strategy to contain the risks from the ongoing property sector adjustment and manage local government debt is needed to lift sentiment and boost near-term prospects,\u201d the fund said. \u201cSupportive macroeconomic policies should complement these efforts.\u201d<\/p>\n<p>But at a Hong Kong investor conference on Tuesday, one of the territory\u2019s flagship events for the global financial community, China\u2019s top officials said they were not \u201ctoo\u201d worried about the country\u2019s economy.\u00a0<\/p>\n<p>He Lifeng, China\u2019s vice-premier and a powerful Communist party official overseeing China\u2019s economic and finance affairs, said in a pre-recorded message that China would achieve its official growth target of 5 per cent this year.<\/p>\n<p>\u201cYou may ask me, are you worried?\u201d said another official, Zhang Qingsong, deputy governor at the People\u2019s Bank of China, who attended in person, on China\u2019s economy.\u00a0<\/p>\n<p>\u201cNot too much,\u201d he told the event, which was attended by some of the most powerful executives in global finance, including Morgan Stanley\u2019s James Gorman, Goldman Sachs\u2019s David Solomon, Citadel\u2019s Ken Griffin and Mark Rowan of Apollo Global Management.<\/p>\n<p>Zhang said China\u2019s economic fundamentals were stable and its government debt was \u201clower than [in] many other advanced economies\u201d.\u00a0<\/p>\n<p>Many of China\u2019s largest developers have defaulted on their debts, prompting calls for a sector-wide bailout. But Zhang described this as \u201ca natural selection and market-clearing process\u201d.<\/p>\n<p>\u201cHaving said that, we need to carefully manage the pace to avoid a sharp downturn and unintended consequences\u2009.\u2009.\u2009.\u2009I prefer to let the market play its role, but do policy adjustments if necessary,\u201d Zhang said. \u201cWe are quite optimistic about the future of China\u2019s property market.\u201d\u00a0<\/p>\n<p>The positive messaging from regulators came after one-third of listed Chinese companies reported third-quarter results that fell short of expectations \u2014 the most in half a decade, according to an analysis by Morgan Stanley.<\/p>\n<p>China\u2019s benchmark CSI 300 index has fallen more than 6 per cent this year.<\/p>\n<p>But Wang Jianjun, vice-chair of the China Securities Regulatory Commission, the market watchdog, said the domestic debt and equity markets were \u201cfull of opportunities right now\u201d.<\/p>\n<p>\u201cIt\u2019s never too late to catch the China train \u2014 you can still ride the dragon to heaven,\u201d Wang said.<\/p>\n<p>China\u2019s exports dropped 6.4 per cent in October compared with the same period a year earlier, the sixth consecutive month of declines and worse than a Reuters survey of analysts that forecast a 3 per cent fall.\u00a0<\/p>\n<p>In one positive sign, however, China\u2019s imports expanded year-on-year for the first time since February, rising 3 per cent.<\/p>\n<p>\u201cThe disappointing exports point to external headwinds to the still fragile recovery, while the much-better-than-expected imports suggest domestic demand could be bottoming out on policy support,\u201d said Citi analysts in a note.<\/p>\n<p><em>Additional reporting by Chan Ho-him<\/em> <em>in Hong Kong and Tom Hale in Shanghai<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/470d5811-ffd8-4726-95d6-a72e2e66f4a8\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Chinese economy myFT Digest &#8212; delivered directly to your inbox. The IMF&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-10582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF upgrades China growth outlook | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest -- delivered directly to your inbox.The IMF has raised its forecasts for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10582\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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