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Intl institutions upbeat about China’s economic growth in 2017

Updated: Jan 22,2017 3:58 PM

Leading international institutions have released reports on the world economic outlook in which experts are optimistic about China’s economic growth in 2017.

The International Monetary Fund (IMF) revised its forecast for China’s growth upward by 0.1 percentage point, to 6.7 percent, for 2016, and by 0.3 percentage points to 6.5 percent for 2017, according to the organization’s latest World Economic Outlook released on Jan 16.

IMF also projected that global growth will rise to 3.4 percent in 2017 and 3.6 percent in 2018, up from 3.1 percent in 2016. China remains a major driver of world economic recovery as financial stimulus policies have raised its growth outlook, IMF noted. However, IMF cautioned that continued reliance on policy stimulus measures and rapid expansion debt might slow down the Chinese economy.

China’s economic growth in 2017 is forecast to be 6.5 percent according to the Global Economic Prospects released by the World Bank on Jan 10. Macroeconomic policies are expected to support domestic drivers of growth despite sluggish external demand, weak private investment, and overcapacity in some sectors, the World Bank said.

In a new report launched by the United Nations Department of Economic and Social Affairs (UNDESA) on Jan 17, China’s economy is expected to maintain stable growth in 2017 with a growth rate of 6.5 percent, the same as in 2016, due to strong domestic demand and loose fiscal policies.

JP Morgan’s chief China economist Zhu Haibin, HSBC chief China economist Qu Hongbin and Citi Group chief China economist Liu Ligang also predicted a 6.5 percent growth for China’s economy in 2017, backed by robust domestic consumption, infrastructure construction and policy incentives.

Standard Chartered said in its newly released Global Market Outlook that China is likely to maintain a stable growth of around 6.5 percent, and Asia, including China, is likely to remain the biggest contributor to the global growth.