The International Monetary Fund (IMF) recently raised its growth forecast for the Chinese economy and other emerging economies in Asia in 2024. At the same time, the IMF has increased its global economic growth forecast for this year by 0.2 percentage points to 3.1 percent due to the resilience of major economies like China.
The IMF pointed out that the lift of China's economic growth forecast reflects the continuation of the strong growth momentum in the Chinese economy last year, which exceeded expectations, as well as the stimulating effect of relevant policies implemented by the Chinese government.
In 2023, China's GDP exceeded 126 trillion yuan ($17.51 trillion), growing 5.2 percent from a year ago. China still remains the largest engine of global growth. In January 2024, the country's economic vitality showed signs of recovery, sending positive signals for the year's economic performance.
Not only the IMF, other international financial institutions such as Goldman Sachs and UBS Group recently have also released reports indicating that China's consumption and service industries will continue its post-pandemic recovery trend in 2024.
