August 02, 2017

Overseas institutions revise up China economic forecasts

A number of international financial institutions have raised their forecasts for China’s economic growth in 2017 after the National Bureau of Statistics posted a better-than-expected GDP growth of 6.9 percent in the first half of the year.

The International Monetary Fund updated its World Economic Outlook recently, revising up China’s growth forecast for 2017 and 2018 to 6.7 percent and 6.4 percent respectively, up 0.1 and 0.2 percentage points from its previous forecast.

It was the third time for IMF to upgrade its expectations for China’s economic growth.

J.P. Morgan and Nomura Holdings both raised their expectations for China’s economic growth from 6.7 percent to 6.8 percent.

J.P. Morgan said China will continue to help stabilize the global economy, relying on strong support from the steady expansion of consumption and the service industry.

Standard Chartered Bank and Citibank also raised their expectations for China’s 2017 GDP growth from 6.6 percent to 6.8 percent, offering an optimistic prospect but noting that challenges may occur in the second half of the year.